Celsius makes an effort to unstake ETH valued at hundreds of millions of dollars

In the midst of its bankruptcy and reorganization, Celsius is attempting to remove ether valued at hundreds of millions of dollars.

With this week’s improvement, Lido Finance now allows withdrawals. Celsius has initiated a massive ether withdrawal from Lido Finance totaling hundreds of millions of dollars.

The update to Lido Finance paved the way for the transfer of approximately $800 million worth of staked ether (stETH) tokens from the insolvent company. Once the stETH tokens are removed, the underlying ETH will be sent to Celsius.

As of this writing, the blockchain shows that Celsius has requested the removal of 240,000 stETH, or around $437.7 million. Celsius is still in possession of 188,000 redeemable stETH tokens (about $342 million in value).

Vishal Chawla of The Block reported earlier on Tuesday that Celsius had liquidity issues related to its ether staking activities last year. The platforms might use the withheld ether to make payments to creditors and reorganize their finances.

Centigrade has a $4.7 billion debt to its creditors. Celsius made the decision in March to convert wBTC tokens into bitcoin.

Also Read: Wealthy Wall Street Titan Said ‘I’m Going Always Stay With Bitcoin”