Published on January 05, 2024 05:25 GMT+00:00edited on January 05, 2024 05:31 GMT+00:00

The bankrupt cryptocurrency lender Celsius Network announced today on X that it plans to unstake existing holdings of Ethereum to facilitate asset distribution to its creditors. 

Celsius added in a following X post that the “significant” unstaking event is scheduled to take place in the next few days. The staked Ethereum holdings have provided the defunct company an income stream to offset costs that it obtained in its restructuring process, according to the post.

Celsius filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York in July 2022 after the spiraling crypto market forced the lender, met with a liquidity crisis, to freeze withdrawals. 

Following the greenlit settlement plan, Celsius has opened its vault for …