Celsius Network, the bankrupt cryptocurrency lending company, is gearing up to unstake approximately $465 million worth of Ethereum (ETH) as part of its efforts to compensate creditors. This development follows the company’s bankruptcy filing in July 2022, leaving creditors in a prolonged 18-month wait for financial recompense. Celsius’s decision to unstake a substantial amount of ETH is seen as a necessary step to ensure liquidity for creditor compensation. The company’s official announcement, made via X (formerly Twitter), highlights the strategic nature of this move: “In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity. Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process. The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,” the announcement reads. Celsius Responsible For Over 86% Of ETH In Exit Queue? Blockchain analytics firm Nansen states that Celsius possesses approximately one third of the total Ether in the uns ..
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