Celsius withdraws over $800M stETH staked on Lido Finance following upgrade

May. 16, 2023

By Assad Jafri

The Celsius Network wallet holding $800 million in stETH began requesting withdrawals in chunks of 1000 stETH at roughly 4:45 pm GMT.

Celsius Network moved roughly 428,083.6 stETH  — worth more than $800 million — to a wallet used for unstaking from Lido Finance on May 16, Arkham Intelligence data shows.

The wallet address is:

Lido launched its V2 update after the DAO voted to allow withdrawals on May 15. The update allows users to withdraw ether for stETH at a 1:1 ratio.

Celsius is embroiled in bankruptcy proceedings and owes creditors roughly $4.7 billion.

On-chain activity

The Celsius Network wallet holding $800 million in stETH began requesting withdrawals in chunks of 1000 stETH at roughly 4:45 pm GMT — 15 minutes after the tokens were transferred in.

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