CelsiusNetwork is in the middle of a massive altcoin sell-off amid increasing legal woes
with a massive sell-off of various altcoins, as reported by cryptocurrency data tracker Lookonchain.
The network, currently grappling with substantial legal troubles, has reportedly begun to liquidate substantial volumes of altcoins, including 1.27 million LINK, 2.83 million SNX, 12,597 BNB, 4.45 million 1INCH, 8.53 million ZRX, 439,000 FTX and a notably smaller amount of 186,149 BONE, the native token of Shiba Inu.
The sell-off activity has been linked to a recent shift in Celsius Network's financial management, with the company reportedly swapping its altcoin assets for Bitcoin and Ethereum after receiving court approval in July. A significant portion of the assets belonging to Celsius Network's customers is currently inaccessible due to the company's ongoing bankruptcy proceedings.
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