Celsius debtors may sell altcoins, which tokens are held in large amounts?

Odaily Star Daily News, according to a document disclosed by The Block on June 14th, in the case of waiting for court approval, Celsius' debtor plan will convert all customers' altcoin holdings into Bitcoin and Ethereum (excluding Custody and Withhold accounts), and sales will begin on July 1st.

The document also states that this conversion will not affect any creditor's claims. The debtor will also maximize the conversion of cryptocurrency as much as possible.

The debtor stated that, except for limited circumstances, the overall plan will include payment to creditors in the form of cryptocurrencies such as Bitcoin and Ethereum. Updates regarding token conversions will be included in monthly budgets and cryptocurrency reports.

So, what are the cryptocurrencies involved in the holdings of the mentioned counterfeit coins, and what are the amounts?

According to the document, excluding stablecoins, Bitcoin, Ethereum, and mirrored currencies of the aforementioned currencies, the total value of the held altcoins is approximately 218 million US dollars. The top five altcoins with a book value of over ten million US dollars are:

• CEL: valued at approximately $70.5 million.

• MATIC: valued at approximately $51.8 million.

• ADA: valued at approximately $26.2 million

• LINK: valued at approximately $17.3 million

• LTC: valued at approximately $14.4 million

It is worth noting that although the token with the highest book value is its own token CEL, there is a certain proportion of locked tokens in it, and the amount held even exceeds the current circulation, so there may be a significant difference between the actual circulation value and the current book value.

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However, this proposal has not been clearly approved yet, and the specific way of converting to Bitcoin and Ethereum is unknown, or may not have a short-term practical impact on the market.

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