Crypto staking and lending platform Celsius may be dealing with its rumored liquidity crisis by unstaking $247 million worth of Wrapped Bitcoin (wBTC) from Aave and sending it to the FTX exchange.
Celsius users have criticized the platform for how they believe the project has mismanaged its funds following the collapse of the Anchor Protocol on the now-named Terra Classic blockchain. The project could be addressing those concerns with the recent moves to stabilize liquidity.
Some think that if Celsius fails, it would sell its significant stack of staked ETH (stETH), which would cause it to depeg further from ETH. stETH is a token provided by the Lido decentralized finance (DeFi) lending platform that is given as proof that a user has staked ETH. It is currently trading about 4.4% lower than ETH.
Unusual token movements began at about 6:00 pm EST on Sunday from Celsius’s main DeFi wallet when it started removing wBTC from the Aave staking and lending platform, which Celsius used to earn interest on its deposits.
Celsius withdrew 50,000 Ether and 7,000 WBTC collateral from its Aave position in core DeFi wallet 0x8ace. 6,000 WBTC and 20,000 Ether (so far) have been sent to #FTX…
— Dirty Bubble Media: ⏰ (@MikeBurgersburg) June 13, 2022
So far, 9,500 wBTC tokens, worth about $247 million at the time of…