Celsius Network Withdrawal $417 Million In Ether That Was Staked From Aave

The majority of Celsius Network’s collateral deposits that had been locked in decentralized finance (DeFi) apps were released on Tuesday.

At around 7:50 a.m. ET, Celsius withdrew 400,000 stETH ($417 million) from Aave, a lending protocol where it had earlier parked the funds. The assets currently sit in the same wallet address that was used to transact with Aave.

On-chain data acquired from wallets that are widely assumed to be owned by the loan company shows this, according to the data. The wallet in question is identified as “Celsius Network: Wallet 11” by Ethereum block explorer Etherscan in this instance. It keeps track of 24 addresses that are linked to the business.

Amid rumors that it is getting ready to file for bankruptcy, Celsius has begun winding down its DeFi positions as a result of the financial consequences of a significant decline in the crypto markets.

Celsius Network repaid a loan of $63.5 million in USDC to Aave

In addition to taking out stETH from Aave, Celsius repaid a loan of $63.5 million in USDC to Aave across three transactions. This reduced Celsius’ Aave debt to roughly $8.4 million.

The latest move follows the firm’s recent withdrawal of 6,083 wrapped bitcoin from Aave on Monday. Furthermore, last week it pulled $440 million in wrapped bitcoin from MakerDAO.

Currently, Celsius’ largest DeFi position consists of a collateral deposit of 10,000 wrapped bitcoin ($200 million) on Compound, according to on-chain data.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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