{"id":78817,"date":"2023-05-16T16:18:16","date_gmt":"2023-05-16T13:18:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78817"},"modified":"2025-09-11T07:29:10","modified_gmt":"2025-09-11T04:29:10","slug":"celsius-moves-776m-of-steth-ahead-of-lido-v2-launch","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/celsius-moves-776m-of-steth-ahead-of-lido-v2-launch\/","title":{"rendered":"Celsius moves $776m of stETH ahead of Lido v2 launch"},"content":{"rendered":"

The bankruptcy proceedings Celsius Network transferred 428,015 stETH (~$776.5 million) amid the rollout by Lido Finance liquid staking<\/a> platform’s second version of the protocol<\/a>, as noted by The Block<\/a>.<\/p>\n

The Lido upgrade allows withdrawals of locked Ethereum, burning stETH in a 1:1 ratio. The process is expected to take between 24 hours and five days, according to the statement.<\/p>\n

The transfer may be part of the lending firm\u2019s strategy to unlock ETH that had previously been inaccessible, journalists suggested.<\/p>\n

Subsequently, Celsius reportedly sent a test 0.1 stETH as a withdrawal request.<\/p>\n

In June 2022 Celsius paused withdrawals<\/a>, exchanges and transfers between accounts \u201cdue to extreme market conditions.\u201d At that time, the largest pool on Curve DEX, which allows converting stETH to ETH, faced large sell-offs<\/a> of the Lido staking token from Amber, Alameda Research and Three Arrows Capital. Liquidity problems led to the widening of the stETH discount.<\/p>\n

In July, after filing for bankruptcy, Celsius reported a a $1.2 billion<\/a> hole in its balance sheet. In August it emerged that the company’s liabilities exceeded its assets by $2.85 billion<\/a>.<\/p>\n

Earlier in May 2023, Celsius transferred<\/a> $74.3 million in Ethereum to the Figment staking service.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bankrupt Celsius Network transferred 428,015 stETH (~$776.5 million) amid the rollout of Lido Finance’s liquid-staking platform’s second version of the protocol.<\/p>\n","protected":false},"author":1,"featured_media":78818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1289,1387],"class_list":["post-78817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-cryptocurrency-staking","tag-lido"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78817"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78817\/revisions"}],"predecessor-version":[{"id":78819,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78817\/revisions\/78819"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78818"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}