Join Our Telegram Group

Join Our Telegram Group

Celsius Network, a crypto lending firm that has recently filed for bankruptcy. Celsius had a large amount of staked Ether (ETH) on the Lido platform, which allows users to stake their ETH and earn rewards in the form of stETH tokens. stETH tokens are pegged 1:1 to ETH, but they cannot be withdrawn until the Ethereum 2.0 merge is complete.

Celsius has now requested to withdraw its stETH from Lido, but there is a long queue of users waiting to withdraw their stETH. This is because the Ethereum 2.0 merge has been delayed several times, and there is a large amount of ETH staked on the network. As a result, it could take some time for Celsius to get its stETH back.

The total amount of stETH in the withdrawal queue is now over 442,000 tokens, which is valued at around $808 million. Celsius is responsible for the majority of this amount,

The situation with Celsius is a reminder of the risks associated with crypto lending platforms. When you deposit your crypto with a lending platform, you are essentially giving them control of your assets. If the platform goes bankrupt or experiences financial difficulties, you may not be able to get your assets back.


Get the latest crypto news today and bitcoin updates on CoinBuzzFeed. Stay up-to-date with the latest blockchain insights, expert opinions, and analysis.

Leave A Reply