Celsius onchain activity has seen a lot of big moves in the last few hours.
They closed down their maker vault by replaying the loan and retaken their 22k BTC from there And now have consolidated the 22k BTC into an intermediary wallet, and this is moving to FTX.
It doesnt look like they have an OTC deal in place, so they are instead moving all of that to their FTX deposit wallet
500m worth BTC about to hit markets
After fucking up so epicly in the last 2 months, its atleast encouraging to see them do a test transaction of 0.01 BTC..
It looks like a big liquidation is underway in Celsius and they may also be declaring bankruptcy and announcing insolvency proceedings soon
DeFiyst has been tracking every move!
Update: the $500m BTC is still in Celsius' main wallet here and hasnt yet been moved to FTX: https://etherscan.io/address/0x019C4935ff1c4945f046c6784c08a40f1ab632a3
They haven't yet moved this stack of 24.4k BTC to the FTX wallet. Since they moved the test 0.001 BTC, its speculated that they may move this too shortly.
If you check the wallet's erc20 txn tab, you can see that they have moved a lot of their tokens like ZRX, BNT, Comp etc to their main FTX wallet, probably to sell it.
Now the wallet mainly has 24,400 wBTC ($511,000,000) + some Comp worth 50k
Update 2:
The wBTC just moved... https://etherscan.io/tx/0x84a4bd54e9ce7d322544a0a8110232b37eb3bb4b1a486835891b6213a43fda56
Half a Bil transacted with a fee of $1.7.. Sent straight to FTX. Lets see what unfolds now
Additional update:
Celsius just got sued by another company KeyFi who claim Celsius lied about hedging impermanent loss risk, and that alone contributed to a big hole in Celsius balance sheet.
https://iapps.courts.state.ny.us/nyscef/ViewDocument?docIndex=RvF30Mz2IZW63s1mjjau2Q==
Lawsuit claims:
But in late Feb 2021, we discovered Celsius had lied to us. They had not been hedging our activities, nor had they been hedging the fluctuations in cryptoasset prices. The entire company’s portfolio had naked exposure to the market.
After seeing these (and other) major problems in how the company operated, we informed Celsius that we wished to terminate our relationship. That was March 2021. We told Celsius that we would work with them to unwind our various positions over the following months.
Oof Celsius never hedged IL from their defi activities. They may have been insolvent long ago
"Faced with a liquidity crisis, Celsius began to offer double-digit interest rates in order to lure new depositors, whose funds were used to repay earlier depositors and creditors."
91. After Stone left Celsius KeyFi, Celsius maintained access and control of the 0xb1 wallet. Celsius’ CEO, Alex Mashinsky, used that control for his own personal benefit. In one example, Celsius’ CEO transferred valuable NFTs from the 0xb1 accounts to his wife’s wallet.
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