Celsius plans to sell Ethereum (ETH) holdings worth $470 million to make payments to creditors.

Celsius, declaring bankruptcy in July 2022, is in the process of transferring its Ether assets as part of a timely distribution plan to creditors.

The crypto lending institution, Celsius Network, is taking steps to organize its assets in the bankruptcy process and make payments to its creditors. The company, which filed for bankruptcy in July 2022, has announced its intention to convert a portion of its existing Ethereum ($ETH) assets into liquidity to meet its obligations to creditors.
As part of Celsius's plan, approximately $470 million worth of 206,300 $ETH will be reclaimed. This Ether will be used to make payments to the company's customers and other creditors.
According to blockchain analytics firm Nansen, the amount of Ethereum Celsius is set to reclaim constitutes almost one-third of the pending withdrawal requests. Additionally, it is noted that Celsius has withdrawn a total of 40,249 ETH so far, with 19,906 validators awaiting a complete exit.
Customers have been waiting for the return of funds for over a year and a half. It appears that the company aims to balance the costs arising from the bankruptcy process and make timely payments to creditors by using these ethers.