Celsius Network Repays Another $34M, BTC Liquidation Price Falls Below $3K
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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