Bankrupt Celsius Moves $722M In ETH!

bankrupt in 2022 cryptocurrency one of the platforms Celsius There is movement in their wallets.

Celsius is worth $722 million on May 15 428,015 stETH (Lido staked Ether) Ethereum transferred it to his wallet.

While the exact reason for this transfer is unknown, speculations are that Celsius did not have access to this transfer during the bankruptcy proceedings. ETH’He said it could be part of a take back strategy.

Also the stETH provider of this transaction Lido Finance It was stated to coincide with the launch of the first-time direct withdrawal feature.

Celsius wanted to convert stETHs to ETH after its bankruptcy, but was unable to do so due to lack of liquidity. It seems likely that the company will convert sETHs to ETH and return them to their creditors under the current repayment schedule.

In this regard, although Celsius has not yet requested all of its stETH from Lido, 0.10 from Lido to test whether the withdrawal was successful. stETHPerformed a withdrawal.

Lido, which received a 10 percent staking commission, announced on May 15 that it allowed withdrawal to V2 with a protocol update.

In the Lido statement “Lido V2 offers two main components, the most appealing aspect of which is Ethereum withdrawals. This allows Ethereum stakers with Lido to withdraw ETH directly through the protocol.” said.

Lido Finance is currently 6.27 million worth approximately $11.3 billion ETH holds 29% of all staked Ethereum.

*Not investment advice.