Celsius moves to unstake $470m in ETH for creditor repayments
Bankrupt cryptocurrency lender Celsius Network revealed plans today to unstake its existing Ethereum holdings in preparation for prompt distributions to its creditors. On Jan. 5, the lending company Celsius that is currently embroiled in bankruptcy proceedings since its Chapter 11 filing in July 2022, declared the initiation of asset reallocation to secure sufficient liquidity ahead of potential distribution of funds back to creditors. In preparation of any asset distributions, Celsius has started the process of recalling and rebalancing assets to ensure ample liquidity — Celsius (@CelsiusNetwork) January 4, 2024 Celsius also announced plans to unstake its current holdings of Ether (ETH), which have been generating significant staking rewards income for the estate. The released Ethereum aims to cover various costs incurred during the restructuring and expedite distributions to creditors. The decision is seen as a positive development for Celsius customers, who have been ...