Since the beginning of the month, Celsius (CEL) has paid back a sizable portion of its outstanding debt to Maker (MKR) protocol, indicating that the beleaguered crypto lending platform was attempting to avoid a total collapse amid plausible insolvency rumors. Data from DeFi Explorer shows that since July 1, Celsius has paid out $142.8 million in Dai (DAI) stablecoins through four different transactions. Maker still owes the cryptocurrency lender $82 million in unpaid debt. The company has lost $667.2 million from its total lifetime investments of $1.8 billion. 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 Celsius on the Verge of Bankruptcy Due to the loan repayments, Celsius Wrapped Bitcoin (BTC) loan’s liquidation price has decreased to $4,966.99. (BTC). Since Celsius posted 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. Several cryptocurrency blue-chip companies, including Celsius, are on the verge of bankruptcy after extraordinary market conditions led to catastrophic losses across many positions. 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. Soon after, rumors that the American mega-bank...
