Celsius Starts Unstaking and Moving Assets Ahead of Creditors Payment
Celsius, in bankruptcy, starts moving crypto assets like Ether to pay creditors, a hopeful sign for those waiting over 18 months.
Celsius, a Bankrupt crypto lending company, is preparing to refund creditors, therefore it has started moving its crypto assets, including Ether (ETH), ahead of payments. This action comes after the company declared bankruptcy in July 2022.
According to reports, The company is now unstaking its Ethereum holdings to ensure that it can cover restructuring costs and pay its creditors on time. This decision is positive news for Celsius creditors as they have been on the wait for over 18 months, Celsius plans to pay its creditors in BTC and/or ETH
A blockchain analytics firm, Nansen reports that Celsius owns nearly one-third of the ETH waiting to be withdrawn, totaling about 206,300 ETH, worth around $468.5 million. Celsius has already taken out 40,249 ETH. While some people are concerned about how this might negatively affect the Ether market, others think some good can come from it for the Altcoin
Celsius' troubles are just a piece of a bigger problem in the crypto industry in 2022, with many crypto lenders going bankrupt. Recently, Celsius announced a new focus on Bitcoin mining after bankruptcy, but this shift has faced criticism from the bankruptcy court's judge.
