The bankrupt crypto lender, Celsius, has announced that it will be recalling and rebalancing its assets as part of its restructuring process. This includes unstaking nearly $470 million worth of Ether (ETH) in order to ensure liquidity and offset expenses.

Celsius stated that the staked ETH has provided valuable staking rewards income to the estate, and by unstaking these assets, it will be able to distribute timely payments to its creditors. Eligible creditors will receive their assets in BTC and ETH, as outlined in Celsius’s recovery plan.

According to data from Nansen, approximately one-third of the total ETH in the withdrawal queue belongs to Celsius. The company is waiting for its 206,300 ETH to be withdrawn, which amounts to around $468.5 million. So far, Celsius has already withdrawn 40,249 ETH.

Celsius, once a major cryptocurrency lender, filed for chapter 11 bankruptcy in July 2022 due to the turmoil that affected several crypto companies. Since then, the company has been focused on restructuring and aims to continue operating in Bitcoin mining.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	1
People	None
Companies	Celsius
Currencies	Ethereum
Securities	None