Bankrupt crypto lending firm Celsius is anxious to get its staked Ether (ETH) stash back from liquid staking platform Lido which enabled withdrawals this week.
Celsius initiated the process of withdrawing its Lido Staked ETH (stETH) from the protocol. According to transaction data it has requested the withdrawal of 428,084 stETH in batches of 1,000.
The stash is valued at approximately $784.7 million at current prices. The move follows a transaction of a similar amount of stETH on May 15 in preparation for withdrawal.
Once the withdrawal process is complete, Celsius will receive the equivalent in Ethereum and the stETH tokens will be burnt by Lido.
According to Dune Analytics, the cumulative amount of stETH in the withdrawal queue is 442,000 from 141 requests. It is valued at around $808 million though Celsius is responsible for the majority of it. The total amount already processed is 629 ETH, according to Dune.
On May 16, Lido stated it had enough ETH in its buffers to absorb the requests.
At time of writing the Lido protocol has ≈440,000 ETH available in the protocol buffers.
There could be large withdrawals this week. If so, some will be absorbed by this surplus.https://t.co/7MfbTuDAFxhttps://t.co/uOOBqsMv5C https://t.co/onrBa7bMhf
— Lido (@LidoFinance) May 16, 2023
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