Celsius Network moves $465 million Ethereum to repay creditors

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Celsius Network moves $465 million Ethereum to repay creditors

NEW YORK - In a notable development within the cryptocurrency sector, Celsius Network has been actively managing its Ethereum assets as part of its bankruptcy proceedings. The embattled crypto lender initiated a substantial unstaking of Ethereum, valued between $465 million and $470 million, on January 5. This move is aimed at repaying the company's creditors.

Throughout the week of January 8 to January 12, Celsius continued its activity by transferring over $125 million in Ethereum to various exchanges, with the company's total Ethereum holdings estimated to be worth approximately $1.47 billion. These transfers are part of Celsius's efforts to navigate its bankruptcy process effectively.

The broader market has also been observing significant Ethereum transactions, not just by Celsius but by others as well. This included Celsius liquidating nearly $23.84 million worth of Ethereum on an unspecified date. These large-scale movements are occurring against the backdrop of the Ethereum network's Shanghai Upgrade, which has led to a record number of validator exits and the redemption of over $1.6 billion in staked Ethereum.

Despite the substantial withdrawals and transactions involving Ethereum, the cryptocurrency's price has displayed a degree of resilience. At one point, Ethereum's value experienced a notable increase, suggesting a robust market response even as significant amounts of the digital currency were being moved and liquidated.

The activities of Celsius Network and the market's reaction underscore the dynamic nature of the cryptocurrency landscape, especially in the context of major network upgrades and the financial maneuvers of large entities within the space.

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