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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.
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.
428k #celsius $STETH On the go – without the possibility of directly staking ready #lido between. This is the collateral for the proposed loan for Newco. Update to be received during court hearing this week – May 17 – looks like it doesn’t need court approval https://t.co/4tdSsMegA8
— Simon Dixon (@SimonDixonTwitt) May 15, 2023
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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