Bankrupt crypto lending platform Celsius transferred 428,000 staked ether (stETH) worth $780 million on Monday, according to Etherscan data.
The transfer corresponds with the introduction of a withdrawal feature by Lido Finance, the stETH provider, for the first time.
It’s unclear whether the transfer is related to a possible attempt by Celsius to regain previously inaccessible funds during its bankruptcy proceedings.
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Celsius went bankrupt in 2022 after being unable to fulfill customer withdrawals, and have been in working through bankruptcy ever since.
Part of the platform’s business model was staking their customers’ ETH with Lido in return for stETH, which could then be used as collateral on other platforms to attempt to generate yield. After suffering financial difficulties, Celsius was unable to convert the stETH
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