Celsius Network moved 56.8 million MATIC tokens, worth $44.5 million, to exchanges as part of its refund to customers affected by its collapse. FTX and Alameda Research successfully transferred over $15 million worth of cryptocurrency to major cryptocurrency trading platforms such as Binance and Wintermute. Meanwhile, a Court of Appeal has approved an independent examiner to investigate FTX’s bankruptcy, raising implications for the cryptocurrency sector.
Amid their bankruptcy proceedings, embattled cryptocurrency companies FTX and Celsius Network are actively divesting from their digital asset portfolios.
Over the past week, these companies moved more than $150 million worth of cryptocurrency to various cryptocurrency trading platforms.
Transfer of MATIC Tokens for $45 million from Celsius Network
The selling trend of Celsius Network and FTX has persisted this week. Distressed cryptocurrency lender Celsius Network transferred 56.8 million Polygon MATIC tokens, valued at $44.5 million, to cryptocurrency exchanges.
Prominent blockchain analytics firm Spot on Chain reported that the firm has already moved 34.09 million MATIC, equivalent to $25.7 million, to Binance. This recent transaction, combined with a previous transfer of 25.75 million MATIC, brings the total movement to 56.8 million MATIC. Therefore, a total of 44.5 million dollars in the last three days.
These transactions come shortly after notable development within the Polygon ecosystem. In fact, Polygon’s CDK – an open-source Layer 2 (L2) development kit – and Near’s data availability platform are about to revolutionize user transaction costs.
According to Polygon co-founder Sandeep Nailwal, this integration will facilitate transactions at an exceptionally low cost, approximately 8,000 times lower than that of the Ethereum mainnet.
MATIC: FTX and Alameda Settle more than $15 million in Cryptocurrencies
FTX and Alameda transferred another $15 million in cryptocurrency to Binance and Wintemute. The transferred assets comprised popular digital currencies such as Wrapped Bitcoin and Ethereum.
This transaction comes after the US Court of Appeals approved an independent examiner to investigate the collapse of FTX. The court’s Jan. 19 decision, prompted by the trustee overseeing FTX’s bankruptcy, came after the court denied a request for an additional investigation.
The court stated that the examiner must have no vested interest or prior relationship with the debtor. In addition to that, the ruling also noted the historical partnership of FTX attorneys Sullivan & Cromwell, who had previously acted as advisors to FTX prior to the contest. Judge Luis Felipe Restrepo explained:
“The collapse of FTX caused catastrophic losses for its investors around the world, but also raised implications for the evolving and volatile cryptocurrency industry. For example, an investigation into FTX Group’s use of its own cryptocurrency tokens, FTTs, to inflate the value of FTX and Alameda Research could put this practice under scrutiny, thereby alerting investors to undisclosed credit risks elsewhere. cryptocurrency companies.”
Additionally, the court stressed that the Bankruptcy Code requires the appointment of an examiner when a debtor’s debts exceed $5 million. Accordingly, it determined that an independent investigation into FTX would address pressing issues while safeguarding the interest of the general public.
“In addition to providing much-needed clarification, the investigation and examiner’s report [will] ensure that the Bankruptcy Court has the opportunity to consider the broader public interest in approving FTX Group’s reorganization plan.”
MATIC Forecast
According to CryptoPredictions, MATIC started in January 2024 at $0.96867672556042 and is predicted to finish the month at $0.89867708049963. During January, the maximum forecasted MATIC price is $1.066 and the minimum price is $0.72464588094313.
The MATIC Price is forecasted for today (21.01.2024) to be in the $0.66461910237912 – $0.97738103291047 price range. Polygon is predicted to end today at $0.78190482632837.
By Leonardo Perez
