Bankrupt company Celsius Network has transferred 428,015 stETH valued at $776.5 million amid the deployment of the second version of the protocol by the team of Lido Finance’s liquid staking platform.
This update enables users to withdraw their Ethereum by burning stETH at a ratio of 1:1, with the process taking from one day to five.
This transfer could be part of the lending company’s strategy to access ETH funds that were previously unavailable.
Celsius has also sent 0.1 stETH as a test withdrawal request. In June 2022, Celsius disabled withdrawals, exchanges and transfers between accounts due to “extreme market conditions”. This was caused by large sales of the Lido staking token from Amber, Alameda Research and Three Arrows Capital, which created liquidity problems and caused the stETH to be discounted.
