On July 13, 2022, news of Celsius’ insolvency broke as the crypto lender filed for chapter 11 bankruptcy. In the court filing, Celsius listed a deficit of $1.9bn on its balance sheet; a devastating blow to customers. Celsius owns a large portion of CEL tokens and it will benefit stakeholders to know how CEL tokens moved on-chain before and after the chapter 11 court filing.

For swaps involving CEL, there was not much activity beginning mid-May until 11th June when the crypto lender paused customer withdrawals. I believe the press buzz made CEL a ripe token for speculation.

In the same period some wallets are observed to have doubled down on their CEL holdings. For example, the number of wallets with 10k+ CEL balances increased as the days went by.

Swaps and transfers involving CEL increased in volume when the crypto lender paused withdrawals and also when the new of the bankcryptcy filing was released by the press.

Looking at the transactions for Celsius wallets that were exposed by a popular crypto account @lawmaster, there have been no swaps in the past 90 days, but tokens did move between the wallets. Here’s a breakdown of the volume of tokens that moved in and out of Celsius wallets.

~3.8bn worth of CEL was transferred in by Celsius wallets as against 3.5bn transferred out resulting in a net positive of 300m worth of CEL. This means that over the past 90 days during which Celsius paused customer withdrawals and filed for bankruptcy, it added more CEL to its balance sheet.