Lido withdrawals open as Celsius transfers $781M in stETH

The bankrupt crypto lender, Cred Inc., has been making headlines recently for moving its massive stash of staked Ethereum. Here are the most important things to know about this situation:

1. Cred Inc. filed for bankruptcy in November 2020, citing fraud committed by a former executive as the cause of its financial troubles.

2. The company had staked a significant amount of Ethereum, which was meant to serve as collateral for its lending activities. However, it appears that Cred Inc. has been moving this Ethereum out of its wallets and into other addresses.

3. Some experts believe that this move could be an attempt by Cred Inc. to hide or liquidate its assets before they are seized by creditors in the bankruptcy proceedings.

In summary, the movement of Cred Inc.’s staked Ethereum is a concerning development for the company’s creditors and investors. It remains to be seen what the ultimate outcome of this situation will be, but it is clear that Cred Inc.’s bankruptcy has had far-reaching consequences for the crypto industry as a whole.