Crypto lender Celsius allocates $25M for withdrawals, burns $500M in WBTC

03/09 02:27

According to Coindesk, crypto lender Celsius Network, which is currently operating under bankruptcy protection, has established a crypto wallet with $25 million of digital assets for Celsius’ custodial account holders to withdraw, blockchain intelligence firm Arkham Intelligence said in a report. The transferred assets were $10.39 million of USDC stablecoin, $8.8 million of ether (ETH), $4.31 million of altcoins and $1.57 million of other stablecoin, including Binance USD, DAI, Paxos dollar and Gemini USD. However, Arkham reported $13.62 million of withdrawals from the $25 million of funds based on blockchain transaction data. The other $4 million in withdrawals was likely in bitcoin (BTC), an Arkham analyst said. On Wednesday, Celsius interim Chief Executive Chris Ferraro said in a court hearing on Wednesday morning that custody account holders had withdrawn $17.7 million of these cryptocurrencies, with another $3.5 million of withdrawals in the process. That represents 60% of eligible custody users and 80% by crypto value, he said.
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