Celsius fully repays its loan to Maker and recovers nearly 22,000 bitcoins as collateral
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Answer Celsius fully repays its loan to Maker and recovers nearly 22,000 bitcoins as collateral
After paying an additional $41.2 million in the digital currency Dai to the maker of the decentralized lending platform, Celsius Network can now recover nearly $450 million of bitcoin locked into the protocol as collateral.
Celsius has been actively repaying its loans to Maker over the past few days in an effort to drastically lower the liquidation price for its bitcoin collateral.
The central lending platform made its final payment Thursday, liquidating all remaining $41.2 million loans to Maker, releasing a total of 21,962 encapsulated bitcoins, according to data provided by Defiexplore.com.
The wallet information belonging to Celsius also indicates that the lending platform has repaid additional loans to other decentralized lending platforms such as Aave and Compound during the same period.
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Earlier, Celsius slowly reduced its debt to Maker Protocol.
The company has already paid off $224 million over the past seven days.
The main objective of the loan payments is to restore its locked-down collateral and ease the jittery liquidity that forced the beleaguered company to halt withdrawals and deals on June 12 to avoid a run on deposits.
According to analyst Walter Tang, after the release of the massive collateral, Celsius is expected to sell the asset through OTC or central trading platforms in order to meet the requirements of creditors and customers trying to withdraw their funds.
As a result, this may cause short-term downward pressure on the underlying cryptocurrency.
Bloomberg reports that a former employee is suing Celsius for market manipulation and fraud.
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