Amid ongoing bankruptcy, Celsius withdraws stake in ETH

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Despite advice from experts and lawyers, Celsius management intends to postpone filing for Chapter 11 bankruptcy. on their accounts, effectively blocking outgoing transfers.

Conversely, Celsius again withdrew its Ethereum (ETH) holdings from Bancor’s liquidity pool to settle debts and maintain weekly payments.

Celsius reduces ETH stake in Bancor

On June 28, PeckShieldAlert revealed that a suspicious Celsius account withdrew 12,880 Ethereum (ETH) for $1,190.73 and obtained approximately 7,183 ETH from a Bancor liquidity pool. After disabling transient loss protection, Celsius began trimming ETH holdings in Bancor. Last Thursday, the company withdrew around 2,000 ETH from the liquidity pool and received around 1,150 ETH.

Additionally, Celsius wrote off most of its debts due on June 27. Additionally, after suspending withdrawals, trades and transfers between accounts earlier this month, the company continued with its weekly incentives.

Similarly, consultants are recommending the company file for bankruptcy, while CEO Alex Mashinsky and other executives intend to begin with restricted transactions. Celsius argues that most of its retail customers might want the company to escape bankruptcy because it’s unpleasant and time-consuming.

Celsius asked its consumers to identify “HODL mode,” which helps advocates and marketers maintain confidence in community support and consumers’ sense of security. Allowing the feature does not influence who is currently prohibited from withdrawing or exchanging money. Consumers must wait 24 hours for the company to begin withdrawals before using their accounts.

The community is looking for another CEL token market correction to defend its holdings. CEL price is now at $0.7508, down 7% in the last 24 hours.

Celsius CEO didn’t leak

On June 27, crypto trader Mike Alfred tweeted that aviation authorities had arrested Mashinsky en route to Israel.

However, according to a notification from Celsius, all Celsius workers, especially the CEO, want to stabilize liquidity and performance. Therefore, all allegations that the CEO of Celsius sought to flee the country are false.

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