.CelsiusNetwork has established a wallet with $25 million of crypto assets for custody account withdrawals, ArkhamIntel reported. Eligible customers have withdrawn some $17.7 million so far, Celsius' interim CEO said Wednesday. sndr_krisztian reports
The lender sent over 20,000 of wBTC in two batches to a separate address, which then forwarded the tokens to crypto trading firm FalconX.
FalconX sent the tokens to another account, presumably owned by the Celsius liquidator or a partner. The entity then burned, in other words redeemed, the tokens for native BTC.The maneuver may be part of Celsius’ plan to consolidate its crypto holdings and satisfy customer withdrawals in BTC. In August, CoinDesk reported the, owing some 105,000 BTC to customers while holding only 14,578 BTC and 23,348 wBTC on its balance sheet.
Celsius’ crypto wallets on the Ethereum blockchain hold more than $1 billion in crypto assets, according to Arkham data. This does not include holdings on other blockchains, including the recently redeemed BTC on the Bitcoin blockchain. The lender’s largest holdings are $638 million of Lido’s staked ether derivative and $251 million of the lender’s own CEL tokens.
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