Move follows earlier large-scale Ethereum transactions and signals Celsius Network's ongoing efforts to repay $3 billion to creditors
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Blockchain analytics firm Spot On Chain reported on X that Celsius Network, the cryptocurrency lending platform, recently transferred 8,091 Ethereum tokens worth approximately $24.5 million to Coinbase. This transaction, which took place at an average price of $3,022 per earlier transactions by Celsius Network. From Nov. 13, 2023, to Jan. 31, 2024, the company moved a staggering 847,626 ETH, equivalent to around $1.90 billion, to various centralized exchanges.
However, the recent Ethereum transfer to Coinbase by Celsius Network is seen as a part of the company's ongoing efforts to repay its creditors and emerge from bankruptcy. With the creation of Ionic Digital and the repayment of a significant portion of its debts, Celsius Network appears to be on a path toward financial recovery and stability.
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