"Damn, will the price of LINK be affected due to Celsius?"
After being approved by the United States (US) judge overseeing the bankruptcy case, Celsius, a bankrupt cryptocurrency lending company, has sold altcoins and then converted them to Bitcoin (BTC) and Ethereum (ETH).
In addition to depositing 186,149 BONEs worth $235,000 in the OKEx crypto exchange, Celsius transferred a number of digital assets to FalconX and then to Binance for sale.
Not only that, Celsius also sold 1.27 million Chainlink (LINK) worth $8.5 million, 2.83 million Synthetix (SNX) at $7.84 million, 12,597 Binance Coin (BNB) at $3 million, 4.45 million 1INCH at $2.26 million, 8.53 million ZRX at $39 million and 439,000 FTT priced at $713,000.
It is already known that most of the altcoins were transferred to the wallet address "0x4131", but Celsius also transferred 1,393 StaFi (eETH) to Wintermute Trading to receive 1,393 ETH in return.
However, it should be noted that the largest altcoin held by Celsius is LINK, so the digital asset which is currently down 2.02% at $6.69 in the last 24 hours is expected to see the most selling pressure.
For context, Celsius filed for bankruptcy protection in July 2022 shortly after experiencing a lack of customer funds that led to a temporary suspension of production.
Despite this, the company received permission from a US judge to liquidate $170 million worth of altcoin holdings into BTC and ETH starting July 1, 2023.
It is widely known that the development has come when the former Chief Executive Officer (CEO) of Celsius Alex Mashinsky was arrested by the Department of Justice (DOJ) for securities fraud, commodity fraud, wire fraud and others.
