Crypto: Celsius Pays 143M In DAI Loans Since July 1

Celsius has paid back a sizable portion of its outstanding debt to Maker protocol, since the beginning of the month. Indicating that the insolvent crypto lending platform was attempting to prevent a total collapse amid verifiable insolvency reports.

iexclusivenews reports that data from DeFi Explorer shows that since July 1. Celsius has paid out $142.8 million in DAI stablecoins through four different transactions.

This online news outlet understands that Maker still owes the crypto lender $82 million in unpaid debt. The company has lost $667.2 million from its total lifetime investment of $1.8 billion.

Due to the loan repayments, Celsius’ Wrapped Bitcoin (wBTC) loan’s liquidation price has decreased to $4,966.99 BTC.

Since Celsius recorded a $64 million DAI payment on July 4, just hours after it paid $50 million in DAI, the liquidation price is said to have decreased by almost half.

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A number of cryptocurrency blue-chip firms, including Celsius, are on the verge of bankruptcy after extraordinary market conditions led to catastrophic losses across many positions.

JUST IN: Celsius Network has paid off another $50 million towards its #Bitcoin loan. Their liquidation price has dropped to $8,840.

— Watcher.Guru (@WatcherGuru) July 4, 2022

Due to the harsh market conditions, the company halted withdrawals in the middle of June and afterward hired new legal counsel to provide restructuring advice.

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Soon after, rumors that the American mega-bank Goldman Sachs was interested in buying Celsius’ assets started circulating.

Meanwhile, iexclusivenews Nigeria reports that Celsius was still disbursing prizes as of last week, despite its financial problems and indications that the firm was about to implode.

Users of Celsius were still getting incentives, but because of liquidity restrictions, they could not cash them out.