Monday, 15 April 2024
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Celsius unstakes millions of dollars’ worth of ETH

Celsius unstakes millions of dollars’ worth of ETH

  • The total value of the stETH tokens that Celsius is trying to withdraw is roughly $437.7 million. 
  • The company still holds an additional 188,000 stETH tokens, worth about $342 million.
  • Celsius filed for bankruptcy in 2022

Celsius Network, a cryptocurrency lending platform that filed for bankruptcy amid the crypto winter, is unstaking millions of dollars’ worth of ether (ETH).

The funds being unstaked are currently held as staked ether tokens on Lido Finance, a decentralized finance (DeFi) platform that allows users to stake ETH and earn rewards. Lido Finance enabled withdrawals of staked ETH as part of an upgrade this week.

Celsius withdrawing staked ETH

Once withdrawn, Celsius will receive the underlying ETH in exchange for the stETH tokens. Blockchain data indicates that Celsius has initiated withdrawal requests for 240,000 stETH worth roughly $437.7 million, with an additional 188,000 stETH tokens, worth about $342 million, remaining.

It is likely Celcius will use the withdrawn ETH as part of its restructuring and creditor repayment efforts, with creditors owed $4.7 billion.

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