Celsius and Voyager — rival crypto lending startups that went bust final 12 months — have been cleared to begin shifting their crypto holdings. However solely Voyager has been busy.

Crypto markets shuddered at Celsius gaining courtroom approval to transform its remaining cryptocurrency into bitcoin (BTC) and ether (ETH), beginning July 1.

Celsius had round $600 million in crypto on the time, per Arkham Intelligence. About 70% of these funds have been already BTC and ETH, with different tokens (sans stablecoins) making up $162 million or so.

As of Tuesday morning, Celsius has not moved any crypto in any respect. The agency, previously headquartered in Hoboken, final shuffled crypto three weeks in the past. It despatched 17.3 million matic (MATIC), value $11.3 million on the time, to the Polygon staking contract the place it could assist safe the PoS chain and earn staking rewards.

A few week earlier, Celsius deposited $7.1 million USDC with institutional crypto trade FalconX.

Voyager shrinks crypto portfolio 25%

Voyager opened buyer withdrawals for one month beginning June 23, virtually one 12 months after it suspended operations earlier than submitting for chapter per week later.

The agency had been crippled by the implosion of Three Arrows Capital (3AC); the failed crypto hedge fund agency had earlier defaulted on a $665 million Voyager mortgage, from which neither Voyager nor 3AC ever recovered.

On-chain knowledge relayed by Arkham reveals Voyager’s property controlling virtually $413 million in crypto on the day earlier than it opened withdrawals final month.

A gradual stream of outflows has since diminished that determine to $307.5 million. That’s a 25% drop, although costs for cryptocurrencies featured in its portfolio have risen virtually throughout the board. The full worth of all outflows, at present costs, is $134 million.

The uptick in on-chain exercise certainly coincided with Voyager activating withdrawals. Blockworks reached out to its property to substantiate its outflows map to buyer withdrawal requests however has not acquired a response.

In any case, USDC, bitcoin, ether and memecoin shiba inu (SHIB) symbolize the majority of Voyager outflows, with $52 million, $38.2 million, $1.7 million and $1.7 million despatched out up to now, respectively.

That’s wherever from 40% of its unit rely, within the case of USDC, to 14% for SHIB. So, there’s nonetheless masses extra crypto to be distributed.


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