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Celsius Paid 143M in DAI Loans Since July 1st

The Celsius Network has been making a lot of headlines for a while now, since the exchange was able to cause a massive crash in the crypto market. Check out the latest reports below.

Cointelegraph notes the fact that the crypto lender’s liquidation price on its Bitcoin loan has dropped to less than $5,000, according to DeFi industry data.

The same online publication just noted the fact that “Celsius (CEL) has repaid a substantial amount of its outstanding debt to Maker (MKR) protocol since the beginning of the month.”

Celsius Network tries to avoid complete collapse

This signaled that the troubled crypto lending platform was trying to stave off a complete collapse amid credible rumors of insolvency.

Since July 1, Celsius has been able to repay $142.8 million worth of Dai (DAI) stablecoins across four separate transactions, according to data from DeFi Explorer.

It’s been revealed the fact that Celsius Network still has $82 million in outstanding debt owed to Maker.

Out of $1.8 billion in lifetime investments, the firm’s losses currently stand at $667.2 million.

“With the loan repayments, Celsius’ liquidation price on its Wrapped Bitcoin (wBTC) loan has dropped to $4,966.99 Bitcoin (BTC),” the online publication notes.

The liquidation price reportedly fell by nearly half since Celsius posted a $64 million DAI payment on July 4. This was mere hours after it paid $50 million in DAI.

Someone said: “Lol what about the people who’s money is locked inside and they can’t access it? Also this proves the limited supply is useless when credit exits.”

The commenter also said: “Also the LIMITED SUPPLY theory is proven useless. $BTC is the ARM of 2022 It was used as “collateral” and if you took a loan out against BTC at 60k ect. (which most people did), you see why exchanges are collapsing like dominoes.”

Stay tuned for more news and also make sure to check out the crypto market as well.

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