Amid their bankruptcy processes, beleaguered cryptocurrency firms FTX and Celsius Network are actively divesting their digital asset portfolios.

Over the past week, these firms moved over $150 million of cryptocurrencies to several crypto trading platforms.

Celsius Network’s $45 Million Polygon Token Transfer

The sell-off trend by Celsius Network and FTX has persisted into this week. The distressed crypto lender Celsius Network moved 56.8 million of Polygon’s MATIC tokens, valued at $44.5 million, to crypto exchanges.

Prominent blockchain analytical 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 prior transfer of 25.75 million MATIC, brings the total movement to 56.8 million MATIC. Therefore totaling $44.5 million in the last three days.

These transactions occur on the heels of a noteworthy development within Polygon’s ecosystem. Indeed, Polygon’s CDK — an open-source Layer 2 (L2) development kit — and Near’s Data Availability platform are poised to revolutionize user transaction costs. According to Polygon’s co-founder, San

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Author: Oluwapelumi Adejumo

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