Celsius Raises $781 Million in Steth as Lido Withdrawals Begin

It appears that beleaguered crypto lender Celsius is wasting no time in moving its Ethereum staking tokens from Liquid staking platform Lido, which has just enabled withdrawals.

On May 15, a transaction was identified on Celsius Wallet for 428,015 stETH (Lido Staked Ether) in an Ethereum wallet containing Lido stakes. The massive stash was worth $781 million at the time of the transfer, some of which believe Preparing to take out.

On-chain data points to Celsius testing withdrawal of 0.1 stETH a few hours later.

Celsius stETH Transfer – etherscan.io

According to bitcoin pioneer and Celsius creditor Simon Dixon, Celsius “may be ready to go straight to staking without a lido in the middle.” It could also be debt collateral for Celsius restructuring plans, he said.

Blockchain intelligence firm Arkham Intelligence highlighted that Celsius last week moved 40,928 ETH to a smart contract called “Figment ETH2 Beacon Depositor 1”. It was then moved to the Ethereum Beacon Chain deposit contract on May 12. etherscan,

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Lido, which charges a 10% staking commission, enabled withdrawals on May 15 with a protocol upgrade to V2.

“Lido V2 introduces two key components, with the most user-facing aspect being Ethereum withdrawals. It allows Ethereum stakers with Lido to directly unstake ETH through the protocol.

Lido currently holds 29% of all staked Ethereum, or 6.27 million ETH, worth approximately $11.3 billion.

Meanwhile, according to the on-chain analytics firm, there is currently 54,046 ETH in the withdrawal queue and this does not include Celsius Stash. Nanase,

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