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Celsius Transfers $75M of Ethereum to Staking Provider Figment

Celsius Transfers $75M of Ethereum to Staking Provider Figment

Despite the reality that Celsius has its accept ETH staked, the crypto lender moved 40,928 ETH to staking contracts in a topic of two days.

Key Takeaways

  • Accounts tied to Celsius moved 40,928 ETH into staking contracts on platform Figment from May maybe maybe 10 to May maybe maybe 12.
  • This 41,000 ETH staked adds to the $300,000 in ETH at gift staked by Celsius.

Celsius Network, a defunct crypto lending platform, transferred 40,928 ETH, or $70 million, to staking carrier Figment final week, in accordance to knowledge from crypto intelligence company Arkham Intelligence.

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All thru the last week, wallets labeled as Celsius Network possess attain support online, depositing thousands and thousands of dollars in ETH in ETH2 Staking Contracts with Figment.

In entire, Celsius has sent 30.8K ETH to be deposited, rate $56.98M! pic.twitter.com/J7Ja44C65k

— Arkham (@ArkhamIntel) May maybe maybe 15, 2023

The transfer used to be unfold all the procedure in which thru 14 transactions between May maybe maybe 10 and May maybe maybe 12 and build into staking contracts owned by Figment, in accordance to Etherscan. It’s some distance regarded because the largest circulate of funds for Celsius since filing for Chapter 11 financial catastrophe protection in July 2022.


Tom Wan, research analyst for 21co — the parent company of 21shares — additional confirmed:

.@CelsiusNetwork has staked 40.9k $ETH by strategy of @Figment_io from 10 May maybe maybe – 12 May maybe maybe

Shoutout to @etheraltog for the monumental rep🫡 https://t.co/TfPtLWdLbh pic.twitter.com/stb3kdqEut

— Tom Wan (@tomwanhh) May maybe maybe 15, 2023

Wan notorious that this used to be Celsius’ first circulate to Figment after one 365 days, declaring that Celsius might maybe maybe possess frail its accept staking pool for the 40 thousand Ether.

Staking is a job of locking up crypto, equivalent to Ether, for a residing amount of time in recount to manufacture rewards for validating transactions and developing blocks on the community.

Whereas Figment offers around 5.6% of annualized staking rewards, in accordance to its web put, Celsius has a staked Ether portfolio and even withdrew just a few of its funds in April 2023. Celsius has nearly $300 thousand in staked ETH on the time of writing, in accordance to Dune Analytics.

Celsius like minded battles

The embattled crypto lender filed for financial catastrophe on July 14, 2022, and has been exploring plans for restructuring and recovery amid experiences that Celsius operated in a Ponzi-plan manner. Within the intervening time, feeble CEO Alex Mashinsky has been in some like minded hot water.

In January 2023, Mashinsky used to be sued by New York Authorized decent Customary Letitia James — the think necessary for suing Tether and Bitfinex — for defrauding merchants. In February 2023, Mashinsky used to be again sued by creditors, who claimed that the executives cashed out before the platform collapsed.

Whereas it is too soon to explain what Celsius plans to originate with the outcomes of the staked ETH both on and off Figment, the Southern District of New York licensed a restructuring belief that lets in around 85% of purchasers to receive 72.5% of their crypto support from the Celsius.

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