Celsius Transfers $780M in stETH as Lido Finance Unveils New Withdrawal Feature

Celsius, a crypto lending platform currently facing bankruptcy, has transferred a hefty sum of 428,000 staked Ether (stETH), equivalent to $780 million. This significant move comes as Lido Finance introduces a withdrawal feature, potentially aiding Celsius’s restructuring efforts.

Why is this important?

  • Celsius, amidst bankruptcy proceedings, has transferred 428,000 staked Ether (stETH) worth $780 million.
  • The transfer occurred just before Lido Finance introduced a new withdrawal feature.
  • The new feature could enable Celsius to recover their inaccessible Ether and assist their restructuring plan.
  • Liquidity issues previously hindered Celsius’s ability to convert stETH back to Ether.

Celsius Makes a Strategic Move Amid Bankruptcy Proceedings

Celsius, currently undergoing bankruptcy proceedings, has managed to transfer over 428,000 staked Ether (stETH)—a liquid staking derivative token—worth over $780 million. This transaction aligns with the introduction of a withdrawal feature by Lido Finance, the stETH provider, suggesting that Celsius is strategizing to recover their inaccessible Ether.

Lido Finance’s New Withdrawal Feature

Lido Finance, in its latest upgrade, has enabled stETH holders to withdraw their Ether at a 1:1 equivalent ratio. This feature, which is first of its kind, opens up an opportunity for Celsius to reclaim their previously inaccessible Ether, which could prove vital in their ongoing bankruptcy proceedings.

Celsius’s Previous Liquidity Challenges

In 2022, Celsius had to grapple with liquidity issues, making it difficult to convert their stETH holdings back into Ether. Lido’s recent upgrade may provide the needed solution to this bottleneck, offering a better chance for Celsius to regain their Ether and further their restructuring efforts.

Related

News

Why Is Bitcoin Down? A Look at Current Market Influences

In today's volatile market, Bitcoin has seen a notable decline, driven by escalating ...
bitcoin-btc
News

March Sees Surprising Easing in South African Inflation

South Africa experienced a sharper-than-anticipated decrease in consumer inflation for ...
inflation in south africa
News

Gold Prices Surge Amid Middle East Tensions: Potential to Reach $3,000

As geopolitical tensions in the Middle East escalate, gold continues its upward ...
gold price

Leave a reply

Risk Disclosure: The information provided on this website is intended for general informational purposes only and should not be considered as financial advice, investment recommendations, or an endorsement of any particular investment product or service. Trading forex, cryptocurrencies, and other investment products carries a high level of risk and may not be suitable for all investors.

 

This website may contain links to third-party websites, which are provided for your convenience and information. We are not responsible for the content, accuracy, or reliability of these external sites and do not endorse or guarantee any products or services offered therein. It is your responsibility to carefully review the terms and conditions, privacy policies, and risk disclosures of any third-party websites before engaging in any transactions or investments.

 

By using this website, you acknowledge and agree that you have read, understood, and accept this Risk Disclosure in its entirety and that you are solely responsible for any investment decisions you make.

 

At Compape, we strive to provide our users with the most accurate, reliable, and up-to-date information on forex/CFD brokers and crypto exchanges. To maintain our website and continue offering valuable content to our users, we may receive compensation through affiliate links on our site. This means that when you click on some of the links on our website and sign up or make a purchase, we may receive a commission at no additional cost to you.

 

Please note that our affiliate partnerships do not influence our reviews, comparisons, and educational content. Our priority is to remain unbiased and transparent in all our recommendations. We maintain a strict editorial policy to ensure the quality and integrity of our content, and we always put our users’ best interests first. Your trust is our top priority, and we are committed to providing you with reliable information to help you make informed decisions in the world of forex, CFD, and crypto trading.

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 72% – 89% of retail investor accounts lose money when trading CFDs.You should not risk more than you are prepared to lose. Please ensure you fully understand the risks associated with the product and read our full risk disclosure statement.

TOP 10 CRYPTOCURRENCIES

Add to compare

Binance

Add to compare

Binance

Use code "VZPAVQ2T" during registration to reduce fees on Binance by 20%.
Add to compare

Coinbase

Add to compare

Kraken

Add to compare

Easy Crypto

Add to compare

Luno

Deposit and buy €250 in any crypto and get €25.00 free BTC
Add to compare

Valr

10% rebate on your trading costs, up to a cap of approximately $100 in value

TOP 10 FOREX / CFD

Add to compare

Binance

Add to compare

Binance

Use code "VZPAVQ2T" during registration to reduce fees on Binance by 20%.
Add to compare

Exness

Add to compare

IC Markets

Add to compare

Coinbase

Add to compare

AvaTrade

Add to compare

Kraken

Add to compare

XM Global

$30 no deposit bonus and 50% deposit bonus
Add to compare

Plus500

Add to compare

Easy Crypto

Add to compare

Luno

Deposit and buy €250 in any crypto and get €25.00 free BTC

TOP 5 TAGS

Compape
Logo
Compare items
  • Total (0)
Compare
0
Shopping cart