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Shortly Before Halting Withdrawals: Celsius Transferred $320M Worth of Crypto to FTX

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The contentious events surrounding the Celsius Network continue to unfold as the team withdrew hundreds of millions of dollars in crypto from Aave and transferred them to FTX. So far, the project has not explained why, but social media speculation is rampant.

  • Transactions began over the weekend, when the first batch saw 3,500 BTC packed (worth $89 million at the time) and 50,000 ETH. Quantity continued to increase in the next hours.
  • On-chain data shows that Celsius has sent more than 100,000 ETH to FTX over the past few days, as well as 9,500 WBTC. However, the staking and lending platform has also listed other tokens on the exchange, including FTT, MATIC, UNI, USDP, and TUSD. All in all, the total amount sent now is around $320 million.
  • At the time of this writing, Celsius has not yet commented on the translations. The only message that came from the team was an official announcement that all user services would be terminated, including withdrawals.
  • This comes after the firm moved the aforementioned funds to FTX, and just hours after an interesting comment from Celsius CEO Alex Mashinsky. Responding to a tweet about potential issues with his platform, Mashinsky asked:
  • Although Celsius has yet to shed light on the FTX transfers, the crypto community has speculated on Twitter that they were due to liquidity issues.
  • According to one user, the company has been experiencing such issues over the past few months as previous hacks have crippled its reserves and it has lost some of its funds in LUNA and Anchor Protocol.
  • The user also calculated that Celsius customers are withdrawing 50,000 ETH weekly, while determining that the platform can continue to operate normally for about five weeks before default or bankruptcy.
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Credit : cryptopotato.com

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