Does Celsius Owe $174 Mln To Voyager Digital?

Nansen CEO Alex Svanevik on Wednesday revealed that Celsius received large amounts of funds from Voyager Digital as part of their deal. This includes around $174 million in USDC, 65,000 ETH, and some MATIC, KNC, AAVE, COMP, OMG, and ZRX tokens.

On June 14, Voyager confirmed that it had a partnership with Celsius in 2019, but currently has no customer assets at Celsius.

Voyager Digital Exposure to Troubled Celsius

Nansen CEO Alex Svanevik in a series of tweets on June 29 revealed fund transfers between Celsius and Voyager Digital. According to screenshots shared by Svanevik, the last two transactions were completed 47 and 137 days ago. Voyager transferred 123 USDC and 100 million USDC to the Celsius wallet, respectively.

Moreover, Alex Svanevik asserts that the address also sent a large amount of ETH to 3 other addresses, one of which is suspected to be Genesis.

“They sent a lot of ETH to 3 other addresses. If anyone has public info on which entities these are, pls lmk. 0x91962711a4d2e4a830b366ce7276d99001e8564b, 0xf4561c710ba450aab302ffc3557ee59bbce94ca6, and 0xed40285ea12a3f48b8c17b882478ebae6fbd0cf3 (Last one looks like Genesis)”

Trending Stories

Crypto lender Celsius and crypto hedge fund Three Arrows Capital are facing liquidation risks amid the ongoing DeFi liquidity crisis. Voyager Digital has revealed its exposure to the two troubled crypto firms. Voyager has a partnership with Celsius, but no customer funds are currently at Celsius.

However, Voyager Digital on June 27 issued a notice of default to Three Arrows Capital for failure to make the required payments on its loan of 15,250 BTC and $350 million USDC. The firm is currently exploring legal actions against Three Arrows Capital.

Meanwhile, Celsius and Three Arrows Capital seem to be insolvent and advisors are recommending bankruptcy filing. Whereas, Voyager Digital is using the line of credit issued by FTX’s subsidiary Alameda Research to execute customer orders and withdrawals, and meet liquidity demands.

Celsius’ CEL Token Short Squeeze

Celsius’ CEL token has dived 10% in the last 24 hours, with the current price trading at $0.674. Meanwhile, traders are again considering a short squeeze to short the CEL token to cover their positions by pushing up the price through mass purchases and withdrawing them from various exchanges.

Moreover, Celsius is withdrawing its ETH positions from Bancor’s liquidity pools as it looks to avoid bankruptcy.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.