{"id":395649,"date":"2023-05-19T19:18:20","date_gmt":"2023-05-19T19:18:20","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=395649"},"modified":"2023-05-19T19:18:20","modified_gmt":"2023-05-19T19:18:20","slug":"bankrupt-crypto-lender-celsius-network-makes-massive-780m-withdrawal-from-staked-ethereum","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bankrupt-crypto-lender-celsius-network-makes-massive-780m-withdrawal-from-staked-ethereum","title":{"rendered":"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum"},"content":{"rendered":"<p class=\"p1\">Celsius Network, a crypto lending firm facing bankruptcy, has <a href=\"https:\/\/etherscan.io\/tx\/0x9c5f3650f803792b71bb4be0d51cd0043982ddbdbd015cd984a8a48ae3a98e67\"><span class=\"s1\">reportedly<\/span> taken out 428,000 staked Ethereum (stETH)<\/a> worth $780 million. Interestingly, this aligns with the introduction of a withdrawal option by Lido Finance, a liquid staking solution for ETH 2.0.<\/p>\n<h2 class=\"p3\"><b>Celsius Withdraws Staked ETH Following Lido&rsquo;s V2 Upgrade<\/b><\/h2>\n<p class=\"p1\">The purpose behind these withdrawals could be an effort to convert assets into cash to reimburse customers or creditors amidst the ongoing bankruptcy process. Although Celsius Network has not transferred all of its sETH holdings, it did withdraw 0.1 stETH from Lido shortly after enabling the withdrawal feature.<\/p>\n<p class=\"p1\">This action could possibly indicate the firm&rsquo;s testing of the withdrawal process or its exploration of the platform&rsquo;s functionality. In the meantime, the upgrade to version 2 of Lido permits stETH holders to withdraw their Ethereum at a 1:1 ratio.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">celsius just moved their 428,000 stETH 10mins before lido withdrawals go live &#129300; <a href=\"https:\/\/t.co\/5EdfiK16Tr\">pic.twitter.com\/5EdfiK16Tr<\/a><\/p>\n<p>&mdash; alto | dollar.eth (@etheraltog) <a href=\"https:\/\/twitter.com\/etheraltog\/status\/1658127427493658626?ref_src=twsrc%5Etfw\">May 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\">sETH represents <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-ethereum\">Ethereum<\/a> that has been staked within a proof-of-stake (PoS) network. In the PoS model, participants stake their ETH by locking it in a specialized smart contract called a staking contract. This contributes to the network&rsquo;s security and consensus process, earning participants rewards in the form of newly minted ETH.<\/p>\n<p class=\"p1\">Celsius Network has faced difficulties with liquidity, which can have consequences for different decentralized finance (DeFi) systems and protocols, especially those related to staking and token conversions. In the past, Celsius Network utilized a method where they staked ETH received on their lending platform through Lido Finance to acquire stETH.<\/p>\n<p class=\"p1\">This approach allowed Celsius Network to use stETH as collateral on DeFi platforms like <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-aave\">Aave<\/a>, generating additional yield for their customers&rsquo; funds. The collaboration with Lido Finance offered a capital-efficient solution for Celsius Network and its users.<\/p>\n<p class=\"p1\">In the previous year, Celsius Network encountered liquidity problems and eventually declared bankruptcy, resulting in difficulties when attempting to convert their stETH holdings back into ETH. The challenge stemmed from <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-curve\">Curve<\/a>, the main exchange for stETH trading, not having enough funds to execute ether swaps smoothly, leading to substantial slippage.<\/p>\n<p class=\"p1\">Despite the circumstances, the availability of the new withdrawal feature on Lido presents Celsius Network with an improved opportunity to retrieve its ETH and potentially allocate it towards ongoing restructuring endeavours.<\/p>\n<h2 class=\"p3\"><b>Bidders Compete for Bankrupt Celsius Network as it Seeks a New Beginning<\/b><\/h2>\n<p class=\"p1\">Bankrupt crypto firm Celsius Network has attracted two active bidders in its auction, according to reports. Over the past few weeks, two rival groups supported by Apollo Global Management and senior executives from Fortress Investment Group have submitted their bids. Each group has offered around <a href=\"https:\/\/www.wsj.com\/articles\/bankrupt-crypto-company-celsius-could-get-new-life-from-wall-street-3ee6df0f\">$50 million to revive Celsius Network<\/a> with new leadership.<\/p>\n<p class=\"p1\">The visionary proposals laid out by the two competing groups indicate a promising future where the company transitions into a publicly traded entity, predominantly owned by its esteemed creditors. This transformation is grounded in the fact that an impressive count of 600,000 creditors has entrusted their valuable cryptocurrency deposits to the firm, symbolizing their vested interest in its potential success. Both bidders express interest in expanding Celsius&rsquo; involvement in crypto mining and utilizing crypto holdings for transaction processing and verification. Notably, neither group plans to immediately revive Celsius&rsquo; consumer lending business.<\/p>\n<p class=\"p1\">Apollo&rsquo;s involvement in the bidding process is significant, as traditional finance giants like Apollo have generally been reluctant to acquire assets from bankrupt players in the crypto industry.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-395653\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Celsiusbank.png\" alt=\"Celsiusbankuptcy\" width=\"800\" height=\"500\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Celsiusbank.png 800w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Celsiusbank-300x188.png 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/Celsiusbank-768x480.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\"><\/p>\n<p class=\"p1\">After freezing customer accounts in the preceding month, Celsius Network sought Chapter 11 bankruptcy protection on July 13. The company&rsquo;s susceptibility to market downturns stemmed from its practice of providing generous yields to crypto depositors and granting substantial loans without adequate collateral.<\/p>\n<p class=\"p1\">In June, Celsius Network halted withdrawals, swaps, and transfers to prevent a run on the platform and losses for customers before eventually filing for bankruptcy. In December last year, i<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-20\/bankrupt-crypto-lender-celsius-receives-multiple-bids-for-retail-mining-assets#xj4y7vzkg\">nitial reports<\/a> shed light on the bids Celsius Network had garnered for its retail platform, crypto mining business, or a blend of both.<\/p>\n<p class=\"p1\">During a court presentation, it was unveiled that the company&rsquo;s crypto mining endeavours were not only generating a favourable operating cash flow but Celsius Network was also actively engaged in expanding those very operations.<\/p>\n<p class=\"p1\">Moving forward to February, a <a href=\"https:\/\/cases.stretto.com\/public\/x191\/11749\/PLEADINGS\/1174901312380000000181.pdf\"><span class=\"s1\">filing<\/span><\/a> made in bankruptcy court articulated the provision for certain customers to embark on fund withdrawals from Celsius Network, contingent upon fulfilling specific criteria.<\/p>\n<h2 class=\"p3\"><b>What Awaits Celsius Network Customers After the Company&rsquo;s Acquisition<\/b><\/h2>\n<p class=\"p1\">The recent news of Celsius Network&rsquo;s impending sale has left many customers wondering about the future of their investments and the services they rely on. While the specifics of the sale remain undisclosed, we can explore some possible scenarios and shed light on what Celsius Network customers might expect in the aftermath of the acquisition.<\/p>\n<p class=\"p1\">One comforting possibility for customers is that the buyer will prioritize the continuation of Celsius Network&rsquo;s core services. This means that customers can expect their existing accounts and balances to be seamlessly transferred to the new ownership, ensuring uninterrupted access to their funds and the ability to continue earning interest on their deposited assets.<\/p>\n<p class=\"p1\">A new owner could bring fresh ideas and innovations to the table. This could lead to exciting enhancements and expanded offerings on the Celsius Network platform.<\/p>\n<p class=\"p1\">Customers may have access to a wider range of investment products, increased cryptocurrency support, and an improved user experience through the implementation of advanced technologies. These updates could potentially provide customers with more opportunities and improved functionality.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-395654\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-1.jpeg\" alt=\"celsius\" width=\"1200\" height=\"630\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-1.jpeg 1200w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-1-300x158.jpeg 300w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-1-1024x538.jpeg 1024w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-1-768x403.jpeg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\"><\/p>\n<p class=\"p1\">As part of the sale process, it is common for new owners to introduce revised terms and conditions. Customers should carefully review any new agreements presented by the buyer to understand how their rights, privileges, and obligations may be affected. It is important to stay informed about any changes and assess how they align with your investment goals and risk tolerance.<\/p>\n<p class=\"p1\">Following the sale, the new owner is likely to prioritize enhancing the security measures of Celsius Network, considering its history. This may involve implementing advanced encryption techniques, multi-factor authentication, and robust internal controls to safeguard customer funds and personal information. Strengthened security measures can provide peace of mind for customers and help mitigate risks associated with cyber threats.<\/p>\n<p class=\"p1\">Timely and transparent communication will be vital in ensuring that customers are well-informed about any changes or updates to the platform, allowing for a smooth transition and continued customer satisfaction.<\/p>\n<p class=\"p1\">While the sale of Celsius Network introduces a degree of uncertainty, customers can approach this transition with cautious optimism. With a focus on continuing services, potential enhancements strengthened security measures, and effective customer support, the new owner aims to provide a seamless experience for Celsius Network users.<\/p>\n<p class=\"p1\">As the sale progresses, staying informed and maintaining communication with both Celsius Network and the buyer will be key to understanding the specific details and implications of the acquisition.<\/p>\n<h2><strong>Read More:&nbsp;<\/strong><\/h2>\n<ul>\n<li><a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/best-erc-20-tokens\">ERC20 Tokens<\/a><\/li>\n<li><a href=\"https:\/\/insidebitcoins.com\/ethereum-wallets\">Ethereum Wallets<\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - Diversify Your Crypto Portfolio<\/p>\n                                    <\/div>\n                                    <div class=\"col-12 col-md-4\">\n                                        <div class=\"inContentProviderSingle--rating\">\n                                            <div class=\"rating--holder\">\n                                                <p class=\"rating--text\">Our Rating<\/p>\n                                                <div class=\"rating--star-container\">\n                                                    <div class=\"rating--star\" style=\"width: 100%;\"><\/div>\n                                                <\/div>\n                                            <\/div>\n                                        <\/div>\n                                    <\/div><!--\/.col-md-4-->\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img mb-3\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/06\/Best-Wallet.svg\" alt=\"Best Wallet\" width=\"125\" height=\"60\">\n                                    <\/div>\n\n                                    <div class=\"col-12 col-md-8\">\n                                                                                    <ul class=\"inContentProviderSingle--list\">\n                                                                                                    <li>Easy to Use, Feature-Driven Crypto Wallet<\/li>\n                                                                                                    <li>Get Early Access to Upcoming Token ICOs<\/li>\n                                                                                                    <li>Multi-Chain, Multi-Wallet, Non-Custodial<\/li>\n                                                                                                    <li>Now On App Store, Google Play<\/li>\n                                                                                                    <li>Stake To Earn Native Token $BEST<\/li>\n                                                                                                    <li>250,000+ Monthly Active Users<\/li>\n                                                                                            <\/ul><!--\/.inContentProviderSingle--lis-->\n                                                                            <\/div>\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img float-right\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/06\/Best-Wallet.svg\" alt=\"Best Wallet\" width=\"125\" height=\"60\">\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <div class=\"col-12 text-center\">\n                                        <div class=\"inContentProviderSingle--button\">\n                                                                                        <a href=\"https:\/\/insidebitcoins.com\/visit\/bestwallet\" title=\"Start Trading\" rel=\"nofollow\">Download Now<\/a>\n                                        <\/div>\n                                        <div class=\"inContentProviderSingle--disclaimerText\">\n                                                                                    <\/div>\n                                    <\/div>\n                                <\/div><!--\/.row-->\n                            <\/div><!--\/.container-->\n                        <\/div><!--\/.inContentProviderSingle--wrapper-->\n                    <\/div><!--\/.inContentProvider--single-->\n                            \n            \n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Celsius Network, a crypto lending firm facing bankruptcy, has reportedly taken out 428,000 staked Ethereum (stETH) worth $780 million. Interestingly, this aligns with the introduction <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1860,"featured_media":395655,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-395649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Massive $780M withdrawal of staked Ethereum from crypto lender Celsius makes investors nervous. Read on to know more.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-19T19:18:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Patrick Jennings\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick Jennings\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\"},\"author\":{\"name\":\"Patrick Jennings\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/852a4022a82535cca2fbd5e312dd5055\"},\"headline\":\"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum\",\"datePublished\":\"2023-05-19T19:18:20+00:00\",\"dateModified\":\"2023-05-19T19:18:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\"},\"wordCount\":1129,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\",\"name\":\"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png\",\"datePublished\":\"2023-05-19T19:18:20+00:00\",\"dateModified\":\"2023-05-19T19:18:20+00:00\",\"description\":\"Massive $780M withdrawal of staked Ethereum from crypto lender Celsius makes investors nervous. Read on to know more.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png\",\"width\":1920,\"height\":1080,\"caption\":\"Celsius\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search &amp; Compare Brokers within Crypto, Forex &amp; Stocks\",\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insidebitcoins.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insidebitcoins.com\/#organization\",\"name\":\"InsideBitcoins\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg\",\"width\":195,\"height\":32,\"caption\":\"InsideBitcoins\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/852a4022a82535cca2fbd5e312dd5055\",\"name\":\"Patrick Jennings\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2021\/11\/avatar_user_1860_1637076302-96x96.jpg\",\"contentUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2021\/11\/avatar_user_1860_1637076302-96x96.jpg\",\"caption\":\"Patrick Jennings\"},\"description\":\"Patrick has a passion for Fintech, crypto and NFTs, having worked in the finance field for several years, also helping others in their investing and money management journey by writing beginner-friendly online tutorials. A proficient crypto researcher and journalist, Patrick is your go-to self-taught expert when it comes to dissecting the latest in Blockchain, FinTech, and global finance. With experience spanning social media, SEO and SEM, he believes in simplifying the most complicated crypto nuances for his readers through easy-to-grasp, crisp pieces. Patrick's latest interests include uncovering the vast potential of the Metaverse and Web3 technologies and their role in shaping the internet of the future.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/patrick-jennings-168a1a27b\/\"],\"gender\":\"male\",\"knowsAbout\":[\"Fintech\",\"Crypto\",\"NFT\",\"Web3\"],\"jobTitle\":\"Editor\",\"url\":\"https:\/\/insidebitcoins.com\/author\/patrick\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum - InsideBitcoins.com","description":"Massive $780M withdrawal of staked Ethereum from crypto lender Celsius makes investors nervous. Read on to know more.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649","og_locale":"en_US","og_type":"article","og_title":"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum","og_site_name":"InsideBitcoins.com","article_published_time":"2023-05-19T19:18:20+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png","type":"image\/png"}],"author":"Patrick Jennings","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Patrick Jennings","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#article","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649"},"author":{"name":"Patrick Jennings","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/852a4022a82535cca2fbd5e312dd5055"},"headline":"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum","datePublished":"2023-05-19T19:18:20+00:00","dateModified":"2023-05-19T19:18:20+00:00","mainEntityOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649"},"wordCount":1129,"commentCount":0,"publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png","articleSection":["More Crypto News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#respond"]}]},{"@type":"WebPage","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649","url":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649","name":"Bankrupt Crypto Lender Celsius Network Makes Massive $780M Withdrawal from Staked Ethereum - InsideBitcoins.com","isPartOf":{"@id":"https:\/\/insidebitcoins.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage"},"image":{"@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage"},"thumbnailUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png","datePublished":"2023-05-19T19:18:20+00:00","dateModified":"2023-05-19T19:18:20+00:00","description":"Massive $780M withdrawal of staked Ethereum from crypto lender Celsius makes investors nervous. Read on to know more.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649#primaryimage","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/05\/celsius-min.png","width":1920,"height":1080,"caption":"Celsius"},{"@type":"WebSite","@id":"https:\/\/insidebitcoins.com\/#website","url":"https:\/\/insidebitcoins.com\/","name":"InsideBitcoins.com","description":"Search &amp; Compare Brokers within Crypto, Forex &amp; Stocks","publisher":{"@id":"https:\/\/insidebitcoins.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insidebitcoins.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insidebitcoins.com\/#organization","name":"InsideBitcoins","url":"https:\/\/insidebitcoins.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2022\/07\/insidebitcoins.svg","width":195,"height":32,"caption":"InsideBitcoins"},"image":{"@id":"https:\/\/insidebitcoins.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/852a4022a82535cca2fbd5e312dd5055","name":"Patrick Jennings","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insidebitcoins.com\/#\/schema\/person\/image\/","url":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2021\/11\/avatar_user_1860_1637076302-96x96.jpg","contentUrl":"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2021\/11\/avatar_user_1860_1637076302-96x96.jpg","caption":"Patrick Jennings"},"description":"Patrick has a passion for Fintech, crypto and NFTs, having worked in the finance field for several years, also helping others in their investing and money management journey by writing beginner-friendly online tutorials. A proficient crypto researcher and journalist, Patrick is your go-to self-taught expert when it comes to dissecting the latest in Blockchain, FinTech, and global finance. With experience spanning social media, SEO and SEM, he believes in simplifying the most complicated crypto nuances for his readers through easy-to-grasp, crisp pieces. Patrick's latest interests include uncovering the vast potential of the Metaverse and Web3 technologies and their role in shaping the internet of the future.","sameAs":["https:\/\/www.linkedin.com\/in\/patrick-jennings-168a1a27b\/"],"gender":"male","knowsAbout":["Fintech","Crypto","NFT","Web3"],"jobTitle":"Editor","url":"https:\/\/insidebitcoins.com\/author\/patrick"}]}},"_links":{"self":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649"}],"collection":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/users\/1860"}],"replies":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/comments?post=395649"}],"version-history":[{"count":2,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\/revisions"}],"predecessor-version":[{"id":395657,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/395649\/revisions\/395657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media\/395655"}],"wp:attachment":[{"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/media?parent=395649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/categories?post=395649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/tags?post=395649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}