Big Moves by Celsius
The embattled crypto lender Celsius is making headlines yet again, but this time it’s about big bucks and Ethereum. After jumping the gun on Lido’s ability to withdraw staked assets, Celsius moved a jaw-dropping 428,015 stETH (Lido staked Ether)—worth a staggering $781 million—into their wallet. This unexpected maneuver has some folks speculating that they might be preparing for a significant withdrawal.
What’s the Word on the Blockchain?
Blockchain sleuths spotted Celsius conducting a test withdrawal of a mere 0.1 stETH shortly after the significant transfer. It’s the financial equivalent of dipping your toe in the water before diving in headfirst. According to Bitcoin pioneer and Celsius creditor Simon Dixon, this move might be part of a larger plan, perhaps to stake directly without relying on Lido. A bold move, especially considering Celsius is having a purge of its own, trying to get back on track after some turbulent times.
The Ongoing Drama with LaLa Lido
On May 15, Lido rolled out a protocol upgrade to version 2, which finally allowed users to withdraw their ETH directly from the platform. It’s about time! This upgrade also introduced a 10% staking commission. Lido currently controls 29% of all staked Ether—around 6.27 million ETH valued at a cool $11.3 billion. However, don’t let those numbers get you too excited; there are 54,046 ETH still awaiting withdrawal, which doesn’t even include the massive stash from Celsius.
What’s Next for Celsius?
In a separate twist, Arkham Intelligence revealed that Celsius had transferred 40,928 ETH to a smart contract dubbed “Figment ETH2 Beacon Depositor 1.” This was subsequently shifted to the Ethereum Beacon Chain deposit contract. If that sounds like a secret code from a spy movie, it might as well be; the crypto scene can be stranger than fiction.
Conclusion: A Current Snapshot of the Crypto Landscape
The events unfolding around Celsius are nothing short of a financial thriller. While the platform tries to navigate the crypto waters, investors are left pondering: What’s next? With court hearings on the agenda and the potential for changes in collateral, the stakes are higher than a crypto trader on a caffeine rush. For now, keep an eye on Celsius; it’s sure to keep us on the edge of our seats.
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