Hacks, Scandals and Scams - 4. CEL token flows

Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing a day after the cryptocurrency lender filed for Chapter 11. Currently Celsius owns a large portion of the CEL tokens. What are the top addresses swapping and transferring CEL? How have the CEL swap volumes changed over the past 90 days? How are Celsius wallets interacting with the CEL token?

What is Celsius Network?

Celsius Network LLC is a cryptocurrency lending company. Headquartered in Hoboken, New Jersey, Celsius maintains offices in four countries and operates globally. Users could deposit a range of cryptocurrency digital assets, including bitcoin and Ethereum, into a Celsius wallet to earn a percentage yield, and could establish loans by pledging their cryptocurrencies as security. As of May 2022, the company had lent out $8 billion to clients and had almost $12 billion in assets under management. In June 2022, the company gained notoriety when they indefinitely paused all transfers and withdrawals due to "extreme market conditions", resulting in steep declines in the price of bitcoin and other cryptocurrencies. On July 13, 2022, Celsius filed for Chapter 11 bankruptcy.

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Method

For creating this dashboard I have used ethereum.core.ez_dex_swaps table to analyze CEL swaps and ethereum.core.ez_token_transfers table to analyze CEL transfers. Also I have used 0xaaaebe6fe48e54f431b0c390cfaf0b017d09d42d address to filter CEL swaps.

Analyze top CEL swappers

In following we can see top 10 wallet addresses who have swapped CEL for another asset. On the left chart the swap volume is in CEL and on the right chart swap volume is in USD.

By search 0x000002cba8dfb0a86a47a415592835e17fac080a address in etherscan I have found that this address belongs to Wintermute that is an algorithmic market maker in cryptocurrencies.

In following we can see top 10 wallet addresses who have swapped CEL for another asset.

On the left chart the swap volume is in CEL and on the right chart swap volume is in USD.

Also I have added a chart that illustrates top 10 addresses who have the most number of swaps where CEL is swap from asset or swap to asset.

We can see Wintermute address also has the most swap to volume in both CEL amount and USD amount.

And also has the highest number of swaps.

Analyze top CEL transfers

In following we can see top 10 wallet addresses who have transferred CEL token to another account. On the left chart the

transferred volume is in CEL and on the right chart transferred volume is in USD.

By search some addresses in etherscan we can see Celsius address has the highest transferred volume in USD, second is FTX exchange and next is for Celsius Network: CEL Treasury.

Swap volumes over time

On following charts we can see swap volume in both CEL and USD, number of unique CEL swappers and number of CEL swaps over time where CEL is swap from asset. The results for past 90 days has been specified by orange color and before it has been specified by blue color.

We can see a downtrend in USD volume from January 2021 to June 2022 that could be because of CEL drop price in the same timeframe.

But when we look at swap volume in CEL we can see some spikes in swap volume over the past 90 days, specially on June 13, 2022 that exactly was the day that CEL price reaches to its lowest price in 2021 and 2022 by $0.28. The chart shows 4.74M CEL tokens was swapped by users on this day. This drop in CEL price was for pausing withdrawals and transfers on Celsius platform on June 12, 2022. If you want to know more about Celsius drop you can look at this page.

Also we can see number of swaps and number of unique swappers has increased in the past 90 days.

Analyze behavior of top swappers over the past 90 days

On following chart we can see top CEL swappers behavior over the past 90 days.

The definition of top swappers in following charts is the swappers had the most swapped volume in USD for swaps from CEL to another asset.

Analyze Celsius wallets transfers

On following charts we can see transferred volume in USD, CEL and number of transfers by Celsius wallets over time. We can find the list of Celsius wallets from this query.

In both charts orange color is for the past 90 days and blue color is for before it. Also I have included third chart that represents cumulative transferred volume by Celsius wallets in USD and CEL. We can see total CEL transferred by Celsius wallets is 1.66B CEL that is equivalent to 3.55B USD.

Conclusion

Wintermute that is an algorithmic market maker in cryptocurrencies has the highest swap volume in USD where CEL is swap from asset.
Wintermute also has the most swap volume in both CEL amount and USD amount where CEL is swap to asset.
Wintermute also has the highest number of swaps where CEL is swap to asset.
Celsius has the highest transferred CEL volume in USD, second is FTX exchange and next is Celsius Network: CEL Treasury.
There is a downtrend in swap volume in USD from January 2021 to June 2022 that could be because of CEL drop price in the same timeframe.
On June 13, 2022 that exactly was the day that CEL price reaches to its lowest price in 2021 and 2022 by $0.28, 4.74M CEL tokens was swapped by users.
number of CEL swaps and number of unique CEL swappers has increased in the past 90 days.
total CEL transferred by Celsius wallets is 1.66B CEL that is equivalent to 3.55B USD.

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