Embattled crypto lender CelsiusNetwork has staked $745 million $ETH in the last two days, pushing up the waiting time to activate new validators in the Ethereum network to 44 days. sndr_krisztian reports
The transactions are the latest development in the lender’s maneuver to reshuffle its staked ETH stash since Ethereum’senabled withdrawals from staking contracts in April. At that time, Celsius held some 460,000 of ETH – now worth $870 million – staked with liquid staking platform Lido Finance and some 160,000 tokens – about $300 million at current prices – deployed in its own staking pool.
The transfers have occurred as the firm restructures after filing for bankruptcy protection in July, when it succumbed to liquidity issues due to plummeting cryptocurrency prices and a wave of user withdrawals. Last week, the U.S. bankruptcy court the lender to winning bidder Fahrenheit, an investment group backed by Arrington Capital that will assume the firm’s assets, including its institutional loan portfolio, staked cryptocurrencies and crypto mining units.
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