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