- Celsius Network plans to sell all customer-held altcoins starting July 1.
- The sale excludes Custody and Withheld accounts.
- The company holds around $215 million worth of altcoins, including CEL, MATIC, and ADA.
Celsius Network, the troubled crypto lender, has announced its latest move amid the digital asset market’s recovery. In a tweet, Celsius revealed its plan to sell all altcoins held by its customers, except those in Custody and Withhold accounts, beginning July 1, 2023.
According to a court report, Celsius Network is currently holding approximately $215 million worth of altcoins, which will potentially be dumped from July 1. Among the extensive list of altcoins, Celsius possesses 6.6 million Celsius tokens (CEL) valued at around $70.5 million.
Another significant altcoin held by Celsius Network is Polygon (MATIC), amounting to approximately $51.8 million. However, MATIC has already experienced a decline over the past week, which is currently recovering, with a price of $0.625 and a market share of $5.81 billion.
In addition, the crypto lender is also said to hold around $26.2 million worth of 1.03 million Cardano (ADA) tokens. Similarly, ADA suffered a downward trajectory recently due to an ongoing lawsuit that labeled it a security token.
Nonetheless, ADA is up by over 12.8% in its cumulative seven-day performance, currently trading at an average price of $0.27, with a market cap exceeding $9.45 billion.
The funds recovered from the sale of these altcoins will be converted into Bitcoin (BTC) and Ethereum (ETH). Celsius Network aims to optimize its portfolio and strengthen its position within the market during these challenging times.
Celsius’s decision has garnered attention from industry professionals. David Adler, a Bankruptcy Partner at McCarter & English, expressed his concerns regarding the treatment of retail borrow claims under the proposed plan.
He criticized the plan’s approach, claiming it violates consumer lending laws at the state and federal levels.
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