- This happened after Lido Finance allowed the withdrawal of stETH
- Some believe that the company plans to sell its tokens
Bankrupt crypto lender Celsius translates their Ethereum tokens from the Lido Finance platform, which recently allowed withdrawals.
In total, Celsius transferred 428,015 stETH, which at the time of the transaction was worth $772 million. Some believe that this is preparation for the withdrawal of funds. A few hours before, the lender made a test withdrawal of 0.1 stETH.
If Celsius fully converts its stETH coins, then the queue for validators to withdraw coins from staking can become significantly longer, increasing the average time to complete a request to a week.
Also of concern to Celsius creditors is whether the company plans to sell these tokens after they are redeemed. However, according to Simon Dixon, CEO of investment firm Bnk To The Future, the purchased stETH will be swapped directly to Beacon Chain.
The withdrawal of stETH occurred a few hours after the liquid staking platform Lido Finance updated to V2, which allowed holders to withdraw previously blocked Ethereum.
Roughly a week ago, cryptocurrency lender Celsius Network transferred roughly $75 million into ETH via the Figment staking service. Celsius transferred 40,928 ETH to a crypto wallet. The transaction was carried out for 2 days, from May 10 to May 12, and was divided into 14 stages. The transfer is one of the largest since filing for Chapter 11 bankruptcy protection in July.