🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Crypto Exchange Celsius Repays $142.8M in Loans to Prevent Potential Bankruptcy

Crypto Exchange Celsius Repays $142.8M in Loans to Prevent Potential Bankruptcy

Following Celsius' latest $67 million loan repayment to Compound and Aave, the exchange is gradually working its way out of debt.

According to some statistics, since the beginning of July, the famous bleeding crypto exchange Celsius (CEL) has managed to pay $142.8M in DAI loans to Maker (MKR) protocol, also called the Multi-Collateral Dai (MCD) system.

Decentralized finance (DeFi) Explorer database revealed that Celsius still has to pay $82M to Maker in order to completely clear out its debt. The company, which has already lost over $650M during its crisis, has supposedly paid off part of its debt in order to prevent complete bankruptcy.

What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)

What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained) What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)

Following the payoff, Celsius' Bitcoin (BTC) liquidation price dropped below $5k. A few days back, the exchange is also said to have paid a combined $67M in debt to Aave and Compound.

Earlier in June, the crypto lender froze all of its withdrawals and transfers between accounts. In fact, it has been nearly 3 weeks since 1.7 million users of the platform have been unable to access their funds and bring them back home.

Despite the fact that the exchange is seeking help from a number of restructuring lawyers to get advice on its financial issues, investors still believe that the company is on the verge of becoming completely insolvent.

Even more, the New Jersey-based crypto-driven lender recently cut 23% of its workforce, citing the bear market and the current ongoing battle against its financial catastrophe. Celsius' native token CEL currently sits at $0.89, down 0.67% in the past 24 hours.

If the company essentially goes bankrupt, American-based investment bank Goldman Sachs recently noted that it would buy the remaining assets from the bleeding crypto lender for $2B.

In other news, Celsius' rival Vauld has also followed in the same footsteps and halted all of the withdrawals, deposits, and trading. The crypto lender blamed the recent events in the crypto market - the collapse of Terra's UST stablecoin and Three Arrows Capital's default on their loans.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating