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Celsius pays down 143M in DAI loans since July 1

Celsius pays down 143M in DAI loans since July 1 thumbnail
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Celsius (CEL) has repaid a considerable quantity of its excellent debt to Maker (MKR) protocol because the starting of the month, signaling that the troubled crypto lending platform was attempting to stave off a whole collapse amid credible rumors of insolvency. 

Since July 1, Celsius has repaid $142.8 million value of Dai (DAI) stablecoins throughout 4 separate transactions, in accordance to knowledge from DeFi Explorer. The crypto lender nonetheless has $82 million in excellent debt owed to Maker. Out of $1.8 billion in lifetime investments, the agency’s losses at present stand at $667.2 million.

With the mortgage repayments, Celsius’ liquidation worth on its Wrapped Bitcoin (wBTC) mortgage has dropped to $4,966.99 Bitcoin (BTC). The liquidation worth reportedly fell by practically half since Celsius posted a $64 million DAI fee on July 4, mere hours after it paid $50 million in DAI.

Celsius is amongst a number of crypto blue-chip firms on the brink of insolvency after excessive market circumstances triggered historic losses throughout a number of positions. The agency paused withdrawals in mid-June on account of excessive market circumstances and later introduced on new authorized counsel to advise on restructuring. Reports that United States mega-bank Goldman Sachs was trying to amass Celsius’ property quickly surfaced.

Related: Crypto platform tells savers the way it’s completely different from Celsius Network

Despite liquidity points and indicators of an imminent collapse in its enterprise, Celsius was reportedly nonetheless paying rewards as of final week. Although Celsius customers had been nonetheless receiving rewards, they had been unable to withdraw them on account of liquidity constraints.

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