Celsius repaid $143M loan in Maker DAO protocol

In July, crypto lending platform Celsius Network paid out $142.8 million in stablecoin DAI to repay a loan inDeFi Protocol Maker DAO.

Data: DeFi Explorer.

The WBTC collateral liquidation price for Celsius was reduced to less than $5,000 as a result. At the time of writing, the asset is worth about $20,370.

On June 13, the platform suspended the withdrawal of funds,exchanges and transfers between accounts “due to extreme market conditions.” Analysts suggested that the real reason for what happened was a “liquidity crisis”

The company's top investors have refused to give it additional funding, according to media reports.

Georgetown University law professor Adam Levitin said the Celsius leadership was betting on a "resurrection gamble." In his opinion, the bankruptcy of the company is almost inevitable.

According to Zapper, the company remains secured on multiple protocols: Maker DAO (~$77M), Compound (~$100M), Aave (~$178M) and Notional Finance (~$3.2M).

Celsius has 324,576 ETH locked up in the Ethereum 2.0 deposit contract for staking, worth ~$376 million.

Recall that the online investment platform BnkToTheFuture, which owns a stake in the company, presented three ways to save Celsius.

The media reported about the reduction of about 150 employees by the crypto lender amid the ongoing crisis.

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