The turmoil surrounding the ailing lending service Celsius continues. The company was able to repay a $41 million loan in Dai to Maker, triggering $450 million in Wrapped Bitcoin (WBTC) collateral. Only a few hours later, however, a transaction of USD 500 million in WBTC went out to the exchange FTX.
It is unclear what this means for the solvency of Celsius. Apparently there is capital, but in this case it is being reallocated from creditor to creditor. It is not known whether Celsius will approve payments again soon.
With the repayment of the maker position, Celsius was also able to drastically lower the liquidation price of the deposited WBTC collateral.
Celsius has been working hard to consolidate its finances for days. The most recent repayment saw the company repay $224 million in loans to Maker.
Celsius had stopped paying out customer funds in June . Since then, the company has been struggling to remain solvent.
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