Celsius moved over 428,000 staked ether (stETH) worth over $780 million to a new address.
This transaction coincides with the introduction of a withdrawal feature by Lido Finance, the stETH provider, for the first time. This advancement hints at Celsius devising a strategy to recover their inaccessible ether amid ongoing bankruptcy proceedings. Although the firm has not yet claimed its entire stETH, they did execute adeployed by Lido Finance yesterday enables stETH holders to withdraw their ether at an equivalent 1:1 ratio.
, allowing Celsius to generate yield on customers' funds. The liquid staking service provided by Lido was a capital-efficient alternative to staking with Ethereum validators, allowing holders to earn yield while maintaining access to their capital. In the middle of 2022 and amid major financial distress and subsequent bankruptcy filing, Celsius grappled withthat made it challenging to convert their stETH holdings back to ETH. This stemmed from the fact that Curve, the sole exchange supporting stETH trading didn't have sufficient funds to facilitate swaps back to ether without a high degree of slippage. This bottleneck prevented Celsius from retrieving their ether.
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