Celsius fully repays its debt to Maker protocol

The platform returned its loan pledge of 21 962,63 wBTC

08.07.2022 - 08:10

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What’s new? On July 7, Celsius, a DeFi platform for lending and staking cryptocurrencies, repaid its debt to Maker protocol. According to DeFi Explore, Celsius deposited the remaining $41,23 million in MakerDAO (DAI) stablecoins, after which the protocol returned 21 962,63 wrapped bitcoins (wBTC) worth around $459 million that it had deposited as collateral to the platform to close the debt. In total, Celsius has paid Maker $224 million in the past seven days.

DeFi Explore’s data

Celsius situation. The platform also still has debts to Aave and Compound protocols of $175 million and $100 million, respectively. On June 13, the platform froze customers’ funds to restore liquidity and later hired experts from Citigroup’s investment bank to find new sources of financing and lawyers from Akin Gump to conduct restructuring.

Crypto exchange FTX refused to buy the platform after discovering a $2 billion discrepancy in its balance sheet. However, investment bank Goldman Sachs announced plans to raise a similar amount to buy back Celsius’ assets.

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