Celsius, the crypto lender that's halted withdrawals and is reportedly cutting jobs to stave off a liquidity crisis, has been aggressively repaying debt on one of the largest decentralized-finance protocols, blockchain data shows – possibly to get back bitcoin-equivalent tokens that had been posted on the platform as collateral.
Since July 1, according to the on-chain data, Celsius has paid down $183 million of its collateralized debt to Maker, one of the largest decentralized lending platforms. The debt was repaid in the Maker protocol's native stablecoin, DAI.
The transactions resulted in not only the extinguishment of the debt but the release from Maker of 2,000 wrapped bitcoin (worth $40 million) that had been posted as collateral, the data shows. Wrapped bitcoin (WBTC) is a token configured for the Ethereum blockchain that represents bitcoin (BTC) – the largest cryptocurrency and thus one of the most liquid.
Celsius still owes 41 million DAI (about $41 million worth) in loans...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...