In a notable development within the cryptocurrency sector, two major crypto firms, Celsius Network and FTX, have commenced a large-scale divestiture of their digital assets. Amid their ongoing bankruptcy processes, these companies have collectively moved over $150 million worth of cryptocurrencies to various trading platforms, with Celsius Network transferring a considerable 56.8 million MATIC tokens, valued at $44.5 million.
This significant move by Celsius Network involved shifting 56.8 million of Polygon’s MATIC tokens to crypto exchanges. According to Spot On Chain, a prominent blockchain analytical firm, Celsius Network has already transferred 34.09 million MATIC to Binance, adding to a prior movement of 25.75 million MATIC. This totals a staggering $44.5 million in MATIC transfers over the last three days.
These developments come as part of the broader bankruptcy proceedings involving Celsius Network and FTX. The sell-off is a key aspect of their commitment to repay clients affected by their respective collapses. FTX and Alameda Research have also been active, transferring over $15 million in various cryptocurrencies, including Wrapped Bitcoin and Ethereum, to major trading platforms like Binance and Wintermute.
This flurry of activity in the crypto market follows a US Court of Appeal’s decision to appoint an independent examiner to investigate the collapse of FTX. This move, aimed at providing transparency and safeguarding the interests of the general public, could have broader implications for the volatile cryptocurrency industry.
Market analysts are closely watching these developments, as they could potentially impact the valuation and stability of several cryptocurrencies, including MATIC. The liquidation of such a large volume of MATIC by a major player like Celsius Network could exert downward pressure on its price in the short term. However, the long-term implications remain to be seen as the crypto market continues to navigate through a period of uncertainty and adjustment.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
