Celsius, one of the largest decentralized finance (DeFi) platforms might be managing its supposed liquidity crisis by unloading $247 million worth of Wrapped Bitcoin (wBTC) from Aave and sending it to the FTX exchange.

Several hypotheses among the crypto community are presently erupting as the project has been moving huge amounts of wBTC, Ether (ETH) and other crypto assets, as well as stopping withdrawals for clients.

Celsius clients have condemned the platform for how they accept the project has bungled its funds following the breakdown of the Anchor Protocol on the now-called Terra Classic blockchain. The project could be addressing those worries with the new moves to balance out liquidity.

Some predict that if Celsius fails, it would sell its huge pile of staked ETH (stETH), which would make it depeg further from ETH. stETH is a token given by the Lido DeFi lending platform— which is given as verification that a client has staked Ethereum.

Around 6:00 pm EST on Sunday, unusual token movements began from Celsius’s main DeFi wallet. It started taking out AAVE and wBTC from the lending platform. Celsius earns its interest from these token deposits.

Up to this point, 9,500 wBTC tokens, worth about $247 million at the hour of writing, have been taken from Aave. Following a series of transactions, those tokens have been shipped off the FTX exchange with no explanation from the lender.

Also, wBTC worth 54,749 and ETH worth $74.5 million have also been sent to FTX.

While such action is in contradiction to Celsius’ claim of transparency until it describes and gives a logical/ethical reason for the moves. The firm might be attempting to guarantee its liquidity is stable by unloading large numbers of volatile funds like WBTC and ETH it pulled out from Aave with stablecoins.

Since Sunday, Celsius has staked 204 million USD Coin (USDC) stablecoins on Aave. It additionally has saved 10 million USDC in addition to around 8.2 million Dai (DAI) stablecoins to Compound, another DeFi staking and lending platform.

A total of 222 million stablecoins re-staked by Celsius is practically equal to the value of wBTC tokens it eliminated, yet at the same time doesn’t verge on matching the consolidated value of WBTC and ETH.

The Celsius group’s arrangements with the crypto that have been moved are as yet not satisfactory. There is a genuine chance that it could sell the assets it shipped off FTX, however, another probable option is that it plans to stake the tokens they are shipping off the exchange to procure yields.

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