The cryptocurrency lending platform Celsius Network has announced its plan to unstake its Ethereum holdings as part of its asset preparation process. The move is aimed at unlocking ETH to ensure timely distributions to creditors. Celsius has benefited from the rewards generated by staking its substantial Ethereum holdings, which have helped cover legal fees during the bankruptcy process.

However, the decision has received mixed reactions from the crypto community. Some users have expressed concern about the significant amount of ETH being unstaked, which is valued at approximately $227.03 million. Ethereum’s current price stands at $2,287.

Celsius has been in the spotlight since July 2022 when its former CEO, Alex Mashinsky, faced criminal charges for allegedly defrauding Celsius investors. Mashinsky’s bank accounts and residential property have been frozen, preventing him from accessing savings and real estate assets. He was released on a $40 million bond after pleading not guilty to multibillion-dollar fraud and market manipulation schemes.

Prosecutors allege that Mashinsky misrepresented Celsius as a safe investment platform while operating a risky investment fund and lying about its financial position.

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

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	Alex Mashinsky
Companies	X (formerly Twitter), Ethereum Name Service (ENS), Celsius Network
Currencies	Ethereum
Securities	None