Celsius is struggling to get their Ethereum back as part of the bankruptcy process.
Celsius took action to buy back hundreds of millions of dollars worth of ETH. The funds are currently held as staked Ethereum tokens on Lido Finance.
Celsius Chasing Their Ethereum
With an update this week, Lido Finance will activate Celsius’ transactions to begin withdrawing staked Ethereums. This development came after the bankrupt firm was found to have approximately $800 million worth of staked Ether (stETH) tokens. After the withdrawal, Celsius will receive ETH in exchange for stETH tokens.
Blockchain data shows Celsius has initiated withdrawal requests for 240,000 stETH tokens worth approximately $437.7 million at the time of writing. Celsius still has 188,000 stETH tokens worth about $342 million that can still be used.
As Vishal Chawla explained, Celsius ran into liquidity issues with Ethereum staking transactions last year. The withdrawn Ether can be used as part of the platform’s restructuring and creditor repayment efforts.
