Celsius repays MakerDAO loan and withdraws 23,962 WBTC collateral

</span>&#8221; src=&#8221;/wp-content/uploads/2022/07/2391439be2bc26380800785d77469eba.png&#8221; alt=&#8221;Celsius repaid the loan to MakerDAO and withdrew the collateral of 23,962 WBTC&#8221; /></p>

Cryptolending platform Celsius Network fully repaid the loan in the MakerDAO DeFi protocol and withdrew a total of 23,962 WBTC of collateral in the amount of ~$490 million.

&#8221; src=&#8221;/wp-content/uploads/2022/07/82fabc37969af812ed5eb744508e8315.png&#8221; alt=&#8221;Celsius repaid the loan to MakerDAO and withdrew the collateral of 23,962 WBTC&#8221; />

Data: DeFi Explorer.

An analyst under the pseudonym DeFiyst initially suggested that Celsius was selling the assets through an over-the-counter transaction by prior arrangement.

At the same time, he noted that the funds were sent to the company’s main wallet, which contains large debt positions in Compound (~$100 million) and Aave (~$178 million).

&#171;Consolidation of funds before bankruptcy?&#187;, the expert asked.

Celsius' further actions demonstrated,that the firm is likely to bring the cryptocurrency to the spot market, putting pressure on the price of bitcoin. DeFiyst noted that the crypto lender began moving funds to pre-exchange wallets and sent a test transaction of 0.01 BTC to FTX.

Deribit Insights author Zahir Ebtikar emphasized,that Celsius has been actively reducing its debt positions over the past three weeks. In his opinion, the company’s actions “unintentionally made it clear to the market how it evaluates its own solvency and deleverage.”

&#171;From rumors that FTX is refusing a deal withCelsius, we can conclude that the firm was in a much worse financial position than any other lender. During this time, the company took advantage of the restructuring and indicated all signs of bankruptcy on the horizon,” Ebtikar said.

On June 13, Celsius 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.”

Commenting on the further actions of the company,Adam Levitin, professor of law at Georgetown University, noted that her leadership was betting on a "resurrection gamble." He expressed the opinion that the bankruptcy of the company is almost inevitable.

Recall that in this case, the financial conglomerate Goldman Sachs intends to raise $ 2 billion from investors to purchase Celsius assets, according to media reports.

Also in financial trouble, rival platform BlockFi struck a deal with FTX.&nbsp;&nbsp;&nbsp;&nbsp;

How Celsius, 3AC and stETH problems will affect the price of Ethereum and the cryptocurrency market

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