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Celsius Announces Ethereum Unstaking Plans, Moves 10K ETH to Coinbase

Published 01/05/2024, 04:05 PM
Updated 01/05/2024, 04:15 PM
© Reuters Celsius Announces Ethereum Unstaking Plans, Moves 10K ETH to Coinbase
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  • Celsius revealed plans to unstake some Ethereum holdings as part of strategic preparations for potential future asset distributions.

  • The platform is recalling and rebalancing assets, focusing on unstaking Ethereum holdings to facilitate distributions to creditors.

  • Celsius transferred 10,000 ETH ($22.4 million) to Coinbase (NASDAQ:COIN) according to Lookonchain.

Cryptocurrency lending platform Celsius Network, which filed for bankruptcy in 2022, recently tweeted plans to unstake some of its holdings in Ethereum (ETH). In a series of tweets, Celsius stated it would be recalling and rebalancing assets as part of strategic preparations regarding potential future asset distributions.

Celsius suspended customer withdrawals in mid-2022 due to extreme market conditions and subsequently filed for Chapter 11 bankruptcy protection.

Celsius Network has initiated the process of recalling and rebalancing assets. The primary focus of this strategy involves the unstaking of existing Ethereum (ETH) holdings, which have historically generated valuable staking rewards and income for the platform.

In the coming days, Celsius Network anticipates significant unstaking activity. This pro…

The post Celsius Announces Ethereum Unstaking Plans, Moves 10K ETH to Coinbase appeared first on Coin Edition.

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