Crypto turmoil continues to deepen in the bear market, with more Celsius-related developments, another crypto loans firm introducing restrictions, and more activity from Three Arrows Capital (3AC) – which appears to have moved some of its funds.
Temperature Rising for Celsius
Celsius, which operates the celsius (CEL) token and the eponymous blockchain network, appears to have begun paying back a large portion of the debt it owes to the Maker (MKR) protocol.
Statistics from the DeFi Explorer platform show that a vault believed to be owned by Celsius began making its most recent DAI repayments on July 1. It followed up with another on July 3 and two more on July 4 – making for a combined total of USD 142.8 million. A number of repayments were also made in mid-June.
The vault makes use of wrapped bitcoin (WBTC) as collateral, meaning that the vault will automatically be liquidated should BTC fall below a safety level. Last month, that liquidation price fell to around USD 17,000 – with...
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