Celsius
FTX And Celsius Are Sending MATIC, ETH, And WBTC To Binance
Published
4 months agoon
By
adminThe crypto market might be about to experience a further downturn as a recent development suggests an imminent selloff is on the horizon. This comes following the recent market moves by Grayscale, which is believed to be responsible for the recent decline in Bitcoin’s price.
Celsius And FTX Crypto Funds On The Move
On-chain data shows that defunct crypto lender Celsius Network recently transferred 34.08 million MATIC to the crypto exchange Binance. Meanwhile, a wallet address linked to Alameda Research, the sister company of defunct crypto exchange FTX, also recently sent 135 WBTC to Binance, 207 WBTC, and 1150 ETH to Wintermute.
These transactions are more significant, considering that Celsius and FTX are in a bankruptcy liquidation process as they look to repay their customers. As such, transferring these funds to trading platforms like Binance suggests that these tokens could be dumped on the market soon enough.
Celsius, in particular, is known to have been making major moves in the market as of late. NewsBTC had recently reported how Celsisus had transferred $125 million worth of ETH last week to various crypto exchanges, something which could have possibly contributed to recent bloodbaths in the crypto market.
On the other hand, selloffs by Alameda could form part of FTX’s repayment plan, which it filed back in December 2023. This is a huge possibility, considering the defunct trading firm was used as a tool by Sam Bankman-Fried (SBF) to defraud FTX customers.
Total market cap chart from $1.58 trillion | Source: Crypto Total Market Cap on Tradingview.com
Another Whale Contributing To Recent Market Downturn
Grayscale is also believed to have contributed greatly to the recent downturn in the crypto market. The asset manager has had to offload some of its BTC holdings in a bid to fulfill redemptions from GBTC investors. These investors have been taking profits ever since GBTC was converted into a Spot Bitcoin ETF, with an outflow of over $2 billion from the fund since then.
Crypto analytics platform Arkham Intelligence recently revealed that Grayscale had sent out another 12,870 BTC from their wallets. That figure brought the total number of BTC that the asset manager has deposited into Coinbase to 47,900 BTC, which is said to be worth around $1.97 billion based on current prices.
As noted by Arkham, these transactions likely represent redemptions of BTC shares. Interstingly, JP Morgan predicts that Grayscale’s GBTC could experience an outflow of up to $3 billion. If so, then the market could be in for more pain as the asset manager would have to offload more BTC to fulfill these redemptions.
Featured image from Toptal, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Surprisingly, bankrupt crypto lender Celsius Network customers are now facing legal action from bankruptcy managers after making substantial withdrawals within 90 days before the company’s bankruptcy declaration.
The bankruptcy managers have demanded that affected customers return some of their funds or potentially face further legal consequences.
Customers Face Celsius Network’s Settlement Demands
The filing, published on Tuesday, revealed that customers who withdrew over $100,000 within the specified 90-day period before July 12, 2022, find themselves at the center of the legal dispute.
These customers have been notified through an official filing outlining the procedures for settling their withdrawal preference exposure.
Withdrawal preference exposure noted in the notice refers to the aggregate value of assets withdrawn by customers from the Celsius Network platform during the specified period, minus any subsequent deposits made after the first withdrawal.
The bankruptcy managers have determined that customers with withdrawal preference exposure greater than $100,000 must settle their claims or obtain a court order ruling to avoid potential liability.
The bankruptcy plan, known as the Modified Joint Chapter 11 Plan of Reorganization of Celsius Network LLC and Its Debtor Affiliates, offers an Account Holder Avoidance Action Settlement.
Under this settlement, the Debtors will release avoidance actions against account holders meeting certain criteria, including accepting the plan on all claims and providing a payment equal to 27.5% of their withdrawal preference exposure.
The distribution agent is not obligated to make distributions to account holders with unresolved withdrawal preference exposure until their claims are settled, a court rules in their favor, or the withdrawal preference exposure is resolved with the litigation administrator after the plan’s effective date.
Settle Now Or Face Consequences
Celsius Network, in collaboration with the committee, has extended the payment deadline to allow affected customers to settle their withdrawal preference exposure and receive a release of all avoidance actions. The plan’s effective date is anticipated to occur around January 31, 2024.
Customers wishing to make the settlement payment must also submit the election form by January 25, 2024. The Debtors will start accepting completed election forms on January 17, 2024. Failure to submit the form may result in the rejection of the settlement payment.
It is important to note that failure to settle withdrawal preference exposure by January 31, 2024, may lead to further correspondence or actions by the litigation administrator after the plan’s effective date.
As customers grapple with the unexpected legal action, the crypto community awaits further developments in this ongoing bankruptcy case.
The Account Holder Avoidance Action Settlement outcome will shed light on resolving withdrawal preference exposure claims and the subsequent distribution of funds.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Celsius
Celsius and Core Scientific propose $14M settlement for litigation
Published
8 months agoon
September 15, 2023By
adminCrypto mining firm Core Scientific has announced an agreement with lending company Celsius Network to settle a legal battle which had been ongoing for months.
In a Sept. 15 announcement, Core Scientific said it had agreed to sell a Bitcoin (BTC) mining data center to Celsius in exchange for $14 million in cash to settle “all existing litigation”. The value of the Texas-based data center was roughly $45 million, and the deal will need court approval before being finalized.
The conflict between the two firms largely started in October 2022, when Core Scientific alleged Celsius had failed to pay its bills, while Celsius claimed the mining firm had not been deploying rigs as required under their contract. Both firms separately filed for Chapter 11 bankruptcy protection in the United States: Core Scientific in Texas in December 2022 and Celsius in New York in July 2022.
The Texas data center, which will likely go to Celsius’ mining arm if the deal is approved, was reportedly non-operational but capable of supplying 215 megawatts to BTC rigs. According to Celsius CEO Chris Ferrero, crypto mining firm US Bitcoin played a “key supporting role in structuring and executing the transaction” in addition to being a party to a winning bid for Celsius’ assets in bankruptcy proceedings.
Related: ‘Unjustly enriched’ — Core Scientific knocks back $4.7M claim from Celsius
The litigation between the two firms is separate from the criminal charges against former Celsius CEO Mashinsky and former chief revenue officer Roni Cohen-Pavon. Mashinsky was arrested in July and has pleaded not guilty to charges related to fraud and manipulating the market. Cohen-Pavon pleaded guilty to 4 charges on Sept. 13 and will be sentenced in December.
Magazine: Get your money back: The weird world of crypto litigation
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Alex Mashinsky
Alex Mashinsky’s assets frozen by US court as part of criminal case
Published
9 months agoon
September 6, 2023By
adminA federal judge has ordered that certain bank accounts and property connected to former Celsius CEO Alex Mashinsky be frozen following a motion from the United States Justice Department.
According to a Sept. 5 filing in U.S. District Court for the Southern District of New York, a judge signed off on a request to unseal a restraining order related to Mashinsky’s assets. The Justice Department can freeze accounts at Goldman Sachs and Merrill Lynch under the names of holding companies as well as accounts at First Republic Securities, SoFi Bank and SoFi Securities under Mashinsky’s name.
Mashinsky’s property in Austin, Texas — which he purchased with his wife, Kristine, in 2021 — was also included in the order. The house had been listed for sale for more than a year, around the time Celsius filed for bankruptcy in July 2022.
This is a developing story, and further information will be added as it becomes available.
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