Celsius has fully paid off its debt to MakerDAO, unlocking about $456 million worth of wrapped Bitcoin. It is suffering from a potential $1 billion loss on its MakerDAO lending strategy.
$41 million to Free Up $456 million
It looks like Celsius has finally paid off its debt to MakerDAO.
Etherscan data shows that a wallet identified as belonging to the struggling crypto lending company fully repaid a $41 million debt in DAI today to free its collateral of 21,962 wBTC (worth around $456 million at press time). The wallet closed the MakerDAO vault shortly after paying off the debt.
MakerDAO is a DeFi protocol that lets users mint the DAI stablecoin when they deposit collateral. Celsius is a so-called “CeDeFi” platform that acts as an intermediary for customers, leveraging opportunities found on DeFi protocols like MakerDAO. Celsius and several other major crypto lenders have suffered from major liquidity issues in recent weeks following Terra’s collapse, a downturn in the market, and...
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