Market News

Celsius Network Sends $75M of Ether (ETH) to Staking Service Figment

Celsius Network

On May 13, 2023, bankrupt crypto lender Celsius Network transferred $75 million worth of ether (ETH) to staking service Figment. The move comes as Celsius struggles to repay its debts and avoid bankruptcy.

Celsius is a crypto lending platform that allows users to deposit their crypto assets and earn interest. The company has been in trouble since June 2022, when it paused withdrawals and transfers due to “extreme market conditions.”

In the months since Celsius has been trying to find a way to repay its debts and get back on its feet. The company has been selling off assets and exploring other options, such as a merger or acquisition.

The transfer of $75 million worth of ETH to Figment is a sign that Celsius is still trying to generate income. Staking is a process of locking up crypto assets in order to earn rewards. Figment is a staking service that allows users to stake their ETH and other crypto assets.

It is unclear what Celsius plans to do with the rewards it earns from staking its ETH. The company could use the rewards to repay its debts, invest in other projects, or simply hold onto them.

The transfer of $75 million worth of ETH to Figment is a positive development for Celsius. It shows that the company is still trying to generate income and that it is not giving up on its business. However, it remains to be seen whether Celsius will be able to repay its debts and avoid bankruptcy.


Ava Patel's expertise lies in creating engaging and informative content about the latest trends, developments, and opportunities in the crypto space. Her writing is known for its clarity, accuracy, and ability to convey complex concepts in a way that is accessible to both novice and advanced readers.