CryptoCurrency News - July 6, 2022

Celsius Network has repaid yet another $34.43 million of its debt to MakerDAO as the former blue-chip company tries to avert a total collapse.

  • This marks the second such repayment in less than 24 hours. Vault 25977, reportedly owned by Celsius, showed a series of payments starting June 14.
  • Its liquidation has dropped to $2,722. Earlier this week, the liquidation price stood at $8,838.57 when Celsius paid off a $50 million BTC loan.
  • Currently, the crypto lender has 21,962 wBTC as collateral and $41.2 million DAI debt positions.
  • CryptoPotato recently reported that the crypto lender had repaid $120 million to Maker.
  • The largest payment of $64 million was made on July 4, during which liquidation plunged to $4,966.99.
  • Additionally, the firm also paid a total of $67 million in debt to Aave and Compound on July 2.
  • The main objective of the loan repayments is to bring down the threshold at which it would be forcibly liquidated.
  • Celsius reportedly laid off around 150 employees a fortnight after halting withdrawals, among all other network services.
  • The beleaguered company received a rescue offer from its rival, Nexo. FTX also offered to bail the company out but later abandoned plans after allegedly detecting a “$2 billion hole” in Celsius’ finances.
  • Celsius then went on to hire financial giant Citigroup and Akin Gump Strauss Hauer & Feld LLP to help with financial restructuring while the lender assesses its options.
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