The now-defunct cryptocurrency lending platform Celsius Network declares to its 243,000 social media followers that as part of preparing for the asset preparation process, it will unstake its Ethereum holdings.

“The significant unstaking activity in the next few days will unlock ETH to ensure timely distributions to creditors,” a post stated.

Ethereum Staking Assisted Celsius Restructuring

In a series of posts on X (formerly Twitter), Celsius declares its intention to unstake all Ethereum holdings, hinting that the rewards from the substantial staked amount, totaling $227.03 million, have aided the estate in covering legal fees during the bankruptcy process.

“Celsius will unstake existing ETH holdings, which have provided valuable staking rewards income to the estate, to offset certain costs incurred throughout the restructuring process.”

However, the response has been mixed from the crypto community online. One X (formerly Twitter) user who goes by the name APE responded that it is an “awful lot of bags to nuke.” Furthermore, he shared a screenshot showing the approximate $227.03 million worth of ETH in the Celsius wallet.

At the time of publication, Ethereum’s price stands at $2,287.