Celsius Requests Withdrawal of $800 Million Worth of ETH from Lido

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 stETH tokens are pegged 1:1 to ETH, but they cannot be withdrawn until the Ethereum 2.0 merge is complete.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.