Celsius Network Pays Down Its Aave Debt, Here’s How Much It Still Owes
Celsius Network has been aggressively paying down all of its debt since it first stopped withdrawals, swaps, and transfers on its platform. The lending platform had loans spread across various protocols, some of which were dangerously close to being liquidated. However, Celsius had paid off its debts, pushing the liquidation price further down each time […]
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Though caught up in the web of the prevailing crypto bear market, Celsius adversely impacted the situation. The crypto lending platform has been struggling to break loose from the effect of insolvency. It suspended customers’ withdrawal from the platform to survive the storm. Also, it had previously hired some lawyers from Akin Gump Strauss Hauer […]
The embattled platform continues to wind down its debts to decentralized finance (DeFi) lending protocols, having just paid off 20 million USDC to Aave. Crypto lending platform Celsius has reportedly hired lawyers from Kirkland & Ellis LLP to advise on its restructuring options — the same firm that assisted Voyager Digital with its bankruptcy filing last week. According to a report from the Wall Street Journal on July 10, the company has hired lawyers to advise on options, including a bankruptcy filing in place of the previously hired law firm Akin Gump Strauss Hauer & Feld LLP.Kirkland &....
The crypto lender’s liquidation price on its Bitcoin loan has dropped to less than $5,000, according to DeFi industry data. Celsius (CEL) has repaid a substantial amount of its outstanding debt to Maker (MKR) protocol since the beginning of the month, signaling that the troubled crypto lending platform was trying to stave off a complete collapse amid credible rumors of insolvency. Since July 1, Celsius has repaid $142.8 million worth of Dai (DAI) stablecoins across four separate transactions, according to data from DeFi Explorer. The crypto lender still has $82 million in outstanding debt....
We’re in the midst of an intriguing cryptocurrency bear market, to say the least. The past several months provided high-profile collapses such as algorithmic stablecoin TerraUSD, crypto hedge fund Three Arrows Capital and more recently, crypto lender Celsius Network. While overall macro events take some responsibility for the failure of these organizations, there’s more to it than that. Celsius, in particular, left a gaping hole in the crypto lending industry due to their unsustainable business model and risky, off-platform practices. Now, as Celsius attends its bankruptcy trial, analysts....
Celsius Network, the crypto lending firm founded by Alex Mashinsky, reported almost $2 billion in losses to New York courts. The company filed for bankruptcy protection in the United States after halting its operations and defaulting on a number of debt commitments to its clients and investors. Related Reading: Why Google Has Invested $1.5 Billion […]