Celsius Network Has Already Paid Off More Than $800 Million Of Debt To DeFi Apps

All of Celsius Network’s debt to decentralized lending applications has been settled. Celsius Network is a struggling cryptocurrency lender.

On Wednesday, the firm repaid nearly $50 million of its debt to Compound’s lending protocol across two transactions, thereby removing the last chunk of its remaining on-chain debt. 

Since June 10, the company has paid off more than $800 million in debt on Aave, MakerDAO, and Compound, according to on-chain records on wallets connected to Celsius.

Celsius Network reducing its holdings

Celsius has been reducing its holdings over the past month in order to recover significant amounts of the collateral it had staked on lending apps.

The company paid off all of its MakerDAO debt last week and obtained $440 million in wrapped bitcoin. Later, it also recovered from Aave $417 million in staked ether and $124 million in wrapped bitcoin. It took another $200 million worth of wrapped bitcoin out of Compound today.

On-chain data reveals Celsius has been routinely moving substantial amounts of its collateral assets to centralized exchanges, most likely in order to sell them and settle its debt.

Due to the steep decrease in the price of crypto assets, Celsius has been struggling with bankruptcy. On June 12, it stopped allowing transfers and withdrawals from its centralized lending program.

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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