Celsius withdraws over $800M stETH staked on Lido Finance following upgrade

Celsius Network moved astir 428,083.6 stETH  — worthy much than $800 cardinal — to a wallet utilized for unstaking from Lido Finance connected May 16, Arkham Intelligence information shows.

The wallet code is:

“0x4A87EcDfb459eb36d25226D9CCd7Ec4f684AB3Fc“

Lido launched its V2 update aft the DAO voted to let withdrawals connected May 15. The update allows users to retreat ether for stETH astatine a 1:1 ratio.

Celsius is embroiled successful bankruptcy proceedings and owes creditors astir $4.7 billion.

On-chain activity

The Celsius Network wallet holding $800 cardinal successful stETH began requesting withdrawals successful chunks of 1000 stETH astatine astir 4:45 p.m. GMT — 15 minutes aft the tokens were transferred in.

Based connected Arkham Intelligence data, this is the entirety of Celsius’ stETH holdings.

As of property time, the wallet has withdrawn each of the stETH implicit astir 429 transactions processed successful astir 40 minutes.

The withdrawn stETH was moved to the pursuing wallet address:

“0x889edC2eDab5f40e902b864aD4d7AdE8E412F9B1″

Next steps unclear

Celsius whitethorn usage the proceeds from the withdrawals to assistance concern its restructuring and creditor repayments oregon could re-stake it with a antithetic platform.

The bankrupt steadfast precocious staked $56.9 million worthy of Ethereum via Figment Finance connected May 15 — for likewise unclear reasons.

In April, Celsius withdrew portion of its stETH holdings which gave emergence to speculation successful the manufacture that it was consolidating its assets.

The institution has not made a nationalist connection astir the caller staking oregon withdrawals and did not respond to requests for remark arsenic of property time.

The station Celsius withdraws implicit $800M stETH staked connected Lido Finance pursuing upgrade appeared archetypal connected CryptoSlate.