Celsius repays $120 million debt to Maker protocol
The liquidation price of the cryptocurrency collateral securing the platform’s loan has dropped to $49666
05.07.2022 - 07:25
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What’s new? On July 4, Celsius, a DeFi platform for lending and staking cryptocurrencies, repaid a portion of its $120 million debt to Maker protocol. Celsius had previously turned to Maker for loans worth hundreds of millions of dollars, using wrapped bitcoins (wBTC) as collateral. According to DeFiExplore, the repayment has helped reduce the liquidation price on its wBTC collateral to less than $5 000. However, the platform still owes $82 million to Maker, while owes $175 million and $100 million to Aave and Compound respectively.
Maker Protocol is a smart contract platform on the Ethereum blockchain that allows to issuing of DAI stablecoins secured by other crypto assets.
Celsius situation. 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 Celsius after discovering a $2 billion discrepancy in its balance sheet, and investment bank Goldman Sachs announced plans to raise a similar amount to buy back the platform’s assets
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