Bankrupt Crypto Lender Celsius Looks to Liquidate Nearly $470M in Ethereum to Compensate Customers
• Celsius, a now-bankrupt crypto lending platform, is waiting to unstake and sell nearly $470 million worth of Ethereum.
• Celsius is liquidating assets to compensate customers after allegedly mishandling funds and its founder being charged with fraud.
• Celsius has started the unstaking process for its Ethereum used to generate income during its bankruptcy.
• Blockchain analytics platform Nansen reports Celsius has 206,319 ETH worth nearly $470 million waiting to be unstaked.
• A judge approved a Celsius plan to repay creditors through a new mining and staking corporate spinoff called NewCo.