Bankruptcy company Celsius Network transferred 428,015 stETH (~$776.5 million) amid the deployment of the second version of the protocol by the team of liquid staking platform Lido Finance, drew attention to The Block.
The Lido update allows you to withdraw locked Ethereum by burning stETH at a ratio of 1:1. The process will take from a day to five, according to the statement.
The transfer may be part of the lending company’s strategy to extract previously unavailable funds in ETH, the journalists suggested.
Celsius then sent, presumably, test 0.1 stETH as a withdrawal request.
In June 2022, Celsius suspended withdrawals, exchanges and transfers between accounts “due to extreme market conditions”. At that time, the largest pool on the DEX Curve, which allows you to convert stETH to ETH, faced large sales of the Lido staking token from Amber, Alameda Research and Three Arrows Capital. Liquidity problems led to an increase in the discount on stETH.
In July, after filing for bankruptcy, Celsius reported a $1.2 billion hole in its balance sheet. In August, it became known that the company’s liabilities exceeded its assets by $2.85 billion.
Recall that in May 2023, Celsius transferred $74.3 million in Ethereum to the Figment staking service.
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Bankruptcy company Celsius Network transferred 428,015 stETH (~$776.5 million) amid the deployment of the second version of the protocol by the team of liquid staking platform Lido Finance, drew attention to The Block.
The Lido update allows you to withdraw locked Ethereum by burning stETH at a ratio of 1:1. The process will take from a day to five, according to the statement.
The transfer may be part of the lending company’s strategy to extract previously unavailable funds in ETH, the journalists suggested.
Celsius then sent, presumably, test 0.1 stETH as a withdrawal request.
In June 2022, Celsius suspended withdrawals, exchanges and transfers between accounts “due to extreme market conditions”. At that time, the largest pool on the DEX Curve, which allows you to convert stETH to ETH, faced large sales of the Lido staking token from Amber, Alameda Research and Three Arrows Capital. Liquidity problems led to an increase in the discount on stETH.
In July, after filing for bankruptcy, Celsius reported a $1.2 billion hole in its balance sheet. In August, it became known that the company’s liabilities exceeded its assets by $2.85 billion.
Recall that in May 2023, Celsius transferred $74.3 million in Ethereum to the Figment staking service.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
