Celsius Transfers $125M ETH Amid Repayment Plans, FTX and Alameda Follow Suit

Celsius Initiates $125M ETH Transfer

Crypto lender Celsius has moved over $125 million worth of Ether (ETH) to exchanges in the past week, aiming to begin repaying creditors. Between Jan. 8 and Jan. 12, $95.5 million went to Coinbase, and $29.7 million to FalconX, according to Arkham Intelligence. Despite this, Celsius still holds a substantial 550,000 ETH on its books, valued at $1.36 billion.

Unstaking for Restructuring and Creditor Repayment

On Jan. 5, Celsius unstaked 206,300 ETH (worth $407 million) for costs related to restructuring and preparation for creditor repayments. Although the lender plans to distribute Bitcoin (BTC) and ETH to creditors, no specific date has been specified for fund distribution. Celsius creditors, awaiting funds for over 18 months since the platform's bankruptcy declaration in July 2022, anticipate resolution.

FTX and Alameda's $28M Crypto Transfers

In a parallel move, FTX and its defunct trading arm Alameda Research transferred $28 million in crypto to exchanges on Jan. 14. The transfers included $18.7 million Wrapped Bitcoin, $8 million Ether, and $1 million Pendle (PENDLE) to Coinbase and Binance. After FTX's bankruptcy in November, efforts to raise funds for creditor repayment have been successful, reclaiming $7 billion in assets, including $3.4 billion in cryptocurrency.

FTX's Creditor Claims and Repayment Estimate

FTX creditor claims, trading as high as $0.50 on the dollar in October, indicate a reasonable chance for creditors to be made whole. While no exact reimbursement date is specified, the current plan estimates repayments to commence this year.

Celsius executes a $125 million ETH transfer to exchanges amid creditor repayment plans, holding over 550,000 ETH. FTX and Alameda Research follow suit, transferring $28 million in crypto, including Wrapped Bitcoin and Ether, to Coinbase and Binance. FTX's successful asset reclaiming suggests positive prospects for creditors, with repayments anticipated to begin this year.