- Celsius revealed plans to unstake some Ethereum holdings as part of strategic preparations for potential future asset distributions.
- The platform is recalling and rebalancing assets, focusing on unstaking Ethereum holdings to facilitate distributions to creditors.
- Celsius transferred 10,000 ETH ($22.4 million) to Coinbase according to Lookonchain.
Cryptocurrency lending platform Celsius Network, which filed for bankruptcy in 2022, recently tweeted plans to unstake some of its holdings in Ethereum (ETH). In a series of tweets, Celsius stated it would be recalling and rebalancing assets as part of strategic preparations regarding potential future asset distributions.
Celsius suspended customer withdrawals in mid-2022 due to extreme market conditions and subsequently filed for Chapter 11 bankruptcy protection.
Celsius Network has initiated the process of recalling and rebalancing assets. The primary focus of this strategy involves the unstaking of existing Ethereum (ETH) holdings, which have historically generated valuable staking rewards and income for the platform.
In the coming days, Celsius Network anticipates significant unstaking activity. This process is strategically designed to unlock ETH, facilitating timely distributions to creditors.
Celsius Network reiterates its commitment to eligible creditors, assuring them of in-kind distributions as outlined in the approved plan. These distributions include assets such as Bitcoin (BTC) and Ethereum (ETH).
Blockchain data platform Lookonchain reported that embattled crypto lender Celsius Network transferred 10,000 ETH (equivalent to $22.4 million) to Coinbase. This transfer comes amid ongoing financial difficulties for Celsius.
According to Lookonchain’s data, Celsius Network has moved significant amounts of ETH out of its staking wallets in recent months. Specifically, around 184,000 ETH (approximately $413 million) has been withdrawn from Celsius-affiliated staking pools and sent to major crypto trading platforms like Coinbase, FalconX, and OKX. These transfers have taken place steadily since November 13.
As of the latest update, Celsius still controls two sizeable staking wallets containing approximately 634,000 total ETH, now valued at $1.42 billion.
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