Crypto lending company Celsius Network, following its 2022 bankruptcy, continues to sell its assets as part of its restructuring steps. The company most recently deposited 34.09 million units of Polygon‘s MATIC to the cryptocurrency exchange Binance.
Celsius Network Aggressively Selling MATIC
Shaking the cryptocurrency market with its 2022 bankruptcy, Celsius Network continues to sell its assets as part of post-bankruptcy restructuring. According to the on-chain data provider Spot On Chain, Celsius Network deposited approximately $25.7 million worth of 34.09 million MATIC to Binance within about 12 hours.
On-chain data shows that the bankrupt crypto lending company deposited 56.8 million units of MATIC worth $44.5 million to Binance at an average price of $0.784 in just the last two days.
Summary of Celsius Network’s Assets
Data provided by Spot On Chain reveals that Celsius Network has $169.72 million worth of cryptocurrency. The company is expected to gradually liquidate all of these assets as part of its restructuring steps.
The highest share among the assets of the bankrupt crypto lending company is in its own token, Celsius (CEL). Accordingly, the company has 652.23 million CEL tokens worth $123.44 million. The company also has 9,875 units of Ethereum (ETH) worth $24.49 million, $15.73 million worth of USD Coin (USDC), 90,536 units of Chainlink (LINK) worth $1.46 million, and 1.65 million units of MATIC valued at $1.26 million.
In addition to these cryptocurrencies, the crypto lending company has hundreds of thousands of dollars worth of other cryptocurrencies like USDT, PAXG, AAVE, DAI, UNI, all waiting to be liquidated.
Celsius Network plans to liquidate its assets to pay its creditors. The agreement to make payments in Bitcoin (BTC) and Ethereum is a strategy adopted during the process of restructuring the company’s financial situation.
