Celsius withdraws over $800M stETH staked on Lido Finance following upgrade

Celsius Network moved roughly 428,083.6 stETH  — worth more than $800 million — to a wallet used for unstaking from Lido Finance on May 16, Arkham Intelligence data shows.

The wallet address is:

“0x4A87EcDfb459eb36d25226D9CCd7Ec4f684AB3Fc“

Lido launched its V2 update after the DAO voted to allow withdrawals on May 15. The update allows users to withdraw ether for stETH at a 1:1 ratio.

Celsius is embroiled in bankruptcy proceedings and owes creditors roughly $4.7 billion.

On-chain activity

The Celsius Network wallet holding $800 million in stETH began requesting withdrawals in chunks of 1000 stETH at roughly 4:45 pm GMT — 15 minutes after the tokens were transferred in.

Based on Arkham Intelligence data, this is the entirety of Celsius’ stETH holdings.

As of press time, the wallet has withdrawn all of the stETH over approximately 429 transactions processed in roughly 40 minutes.

The withdrawn stETH was moved to the following wallet address:

“0x889edC2eDab5f40e902b864aD4d7AdE8E412F9B1″

Next steps unclear

Celsius may use the proceeds from the withdrawals to help finance its restructuring and creditor repayments or could re-stake it with a different platform.

The bankrupt firm recently staked $56.9 million worth of Ethereum via Figment Finance on May 15 — for similarly unclear reasons.

In April, Celsius withdrew part of its stETH holdings which gave rise to speculation in the industry that it was consolidating its assets.

The company has not made a public statement about the recent staking or withdrawals and did not respond to requests for comment as of press time.

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