Celsius, a troubled crypto lender, has transferred more than $125 million worth of Ethereum to different cryptocurrency exchanges as part of its plan to repay its creditors. The transfers include $95.5 million to Coinbase and $29.7 million to FalconX. Despite these transfers, Celsius still holds over 550,000 ETH, equivalent to $1.36 billion. The company had previously unstaked 206,300 ETH valued at $407 million to cover expenses during its restructuring process and prepare for creditor repayments. Celsius has committed to distributing Bitcoin and Ethereum to its creditors but has not specified a date. FTX and Alameda Research, another distressed crypto firm, also made significant transfers, sending $28 million worth of cryptocurrency to exchanges to secure funds for creditor repayment. FTX's bankruptcy proceedings have recovered approximately $7 billion in assets, with $3.4 billion in cryptocurrency. Repayment for FTX customers is expected to start in 2024. Celsius has shifted its focus to crypto mining, with the approval to create a public company dedicated to Bitcoin mining called MiningCo. Creditors will receive recovery through shares in MiningCo, and the arrangement unlocks $225 million in crypto assets initially intended for new ventures. MiningCo will be operated by Hut 8 and will oversee five mining locations in Texas with a computing capacity of 12 EH/s and over 300 MW of power.
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