Celsius Unstaking $470M in ETH for Upcoming Repayments

Celsius Unstaking $470M in ETH for Upcoming Repayments

Crypto lending platform Celsius, amidst its ongoing bankruptcy proceedings since July 2022, has begun the process of recalling and rebalancing its crypto assets, including a significant amount of Ethereum. The firm aims to create sufficient liquidity for timely distributions to creditors as part of its restructuring efforts. Celsius plans to unstake its ETH holdings, which have been generating staking rewards, to cover certain restructuring costs and facilitate distributions to creditors. 

Nansen, a blockchain analytics firm, reports that Celsius currently has 206,300 ETH, approximately valued at $468.5 million, in the staking withdrawal queue. This move, while causing some market concerns, is viewed by others as a positive step for the ETH market’s future.

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SEC Wants Court Apply Terraform Labs Ruling to Binance Case

The U.S. Securities and Exchange Commission has requested a federal court to consider a recent ruling against Terraform Labs in its ongoing case against Binance. The SEC’s filing, dated January 3, highlights similarities between the Terraform case and its allegations against Binance, suggesting that certain tokens and programs offered by Binance may be classified as unregistered securities. 

This development follows a series of SEC enforcement actions targeting major crypto platforms in 2023 for similar reasons. The case against Binance is part of broader regulatory scrutiny, including a substantial settlement with various U.S. agencies and a pending sentencing for Binance’s former CEO.

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Logan Paul Pledges $2.3M to Repurchase CryptoZoo NFTs

Internet personality and wrestler Logan Paul announced a $2.3 million buy-back program for the CryptoZoo NFT project, alongside a lawsuit against the project’s co-creators. The initiative aims to repurchase Base Eggs and Base Animals NFTs, with claims open until February 8. The project, launched in 2021 and promoted by Paul, faced accusations of being a scam and not delivering on its promises. This buy-back excludes ZOO tokens and requires claimants to waive legal claims against Paul. Additionally, Paul has filed a crossclaim against Eduardo Ibanez and Jake Greenbaum, alleged key developers, following a class-action lawsuit accusing them of defrauding NFT buyers.

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Celestia’s TIA Token Surges 22% Amid Staking Interest

Celestia’s TIA token surged by 22% in 24 hours, outpacing the general market trend, fueled by enthusiasm for its staking rewards and advanced modular blockchain technology. Staking TIA offers users an annual yield of 15% to 17%, significantly higher than conventional risk-free rates. This high yield, coupled with the token’s record $800 million trading volume and nearing $2 billion market cap, has heightened its demand. The possibility of future airdrops to TIA stakers on the Celestia blockchain adds to its allure. 

Celestia, known for its modular design aimed at solving scalability issues, has recently rolled out its mainnet beta and gained attention for its innovative approach, sparking excitement in the crypto community about the potential of modular blockchains.

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Other breaking news

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• Saga’s Pre-Launch Airdrop: Eligibility Details
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• Marathon’s Bitcoin Production Soars with Increased Transaction Fees

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