{"id":64095,"date":"2022-07-07T18:14:01","date_gmt":"2022-07-07T15:14:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64095"},"modified":"2025-09-06T12:28:05","modified_gmt":"2025-09-06T09:28:05","slug":"celsius-repaid-its-makerdao-loan-and-withdrew-23-962-wbtc-in-collateral","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/celsius-repaid-its-makerdao-loan-and-withdrew-23-962-wbtc-in-collateral\/","title":{"rendered":"Celsius repaid its MakerDAO loan and withdrew 23 962 WBTC in collateral"},"content":{"rendered":"<p>The crypto-lending platform Celsius Network has fully repaid its loan in the MakerDAO DeFi protocol and withdrew collateral totaling 23 962 WBTC worth about $490 million.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh3.googleusercontent.com\/H1ega6qkxYc1zC-EFY4TVo1CL9EldmqW9pLwlEYE4GcLpFmc1Rc3j6mkLB68wee-4josCjCo8enXsfahIWEMIiG5knfYMxhDkN2rCmT44dduzIl7yqoVZg23GGoIor0OqKvchoHwm_J7q9DpkLg\\\" alt=\\\"Celsius repaid loan in MakerDAO and withdrew collateral in 23 962 WBTC\\\"\/><figcaption>Data: <a href=\\\"https:\/\/defiexplore.com\/cdp\/25977\\\">DeFi Explorer<\/a>.<\/figcaption><\/figure>\n<p>An analyst using the pseudonym DeFiyst initially suggested Celsius would liquidate assets through an over-the-counter deal arranged in advance.<\/p>\n<p>Meanwhile, he noted that funds were sent to the company&#8217;s main wallet, which contains sizable debt positions in Compound (about $100 million) and Aave (about $178 million).<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">As promised, updating on any sizable moves:<\/p>\n<p>All DAI debt paid down in <a href=\\\"https:\/\/twitter.com\/CelsiusNetwork?ref_src=twsrc%5Etfw\\\">@CelsiusNetwork<\/a> wBTC maker vault and collateral removed ($450m in BTC). <\/p>\n<p>I&#8217;d imagine they already have an OTC deal setup. Doubt this hit the spot markets but we shall see. <a href=\\\"https:\/\/t.co\/nqZynVWiAI\\\">https:\/\/t.co\/nqZynVWiAI<\/a> <a href=\\\"https:\/\/t.co\/qmk3WuWiEu\\\">pic.twitter.com\/qmk3WuWiEu<\/a><\/p>\n<p>\u2014 DeFiyst (@DeFiyst) <a href=\\\"https:\/\/twitter.com\/DeFiyst\/status\/1545002784197574656?ref_src=twsrc%5Etfw\\\">July 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u00abFund consolidation ahead of bankruptcy?\u00bb, wondered the expert.<\/p>\n<\/blockquote>\n<p>Further actions by Celsius showed that the firm is likely to move cryptocurrency to the spot market, pressuring Bitcoin&#8217;s price. DeFiyst noted that the crypto lender began moving funds to pre-exchange wallets and sent a test transaction of 0.01 BTC to FTX.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">0.01 BTC in (test amount). Fair to assume the $0.5bn in BTC is all going to FTX now. <a href=\\\"https:\/\/t.co\/O1PBDTa4Hl\\\">pic.twitter.com\/o1PBDTa4Hl<\/a><\/p>\n<p>\u2014 DeFiyst (@DeFiyst) <a href=\\\"https:\/\/twitter.com\/DeFiyst\/status\/1545030681817800704?ref_src=twsrc%5Etfw\\\">July 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>Zaheer Ebtiqar, an analyst at Deribit Insights, emphasized that over the past three weeks Celsius has been aggressively reducing its debt positions. He said the company&#8217;s actions have inadvertently signalled to the market how people view its solvency and deleveraging.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">From the rumors of FTX walking away from a deal with Celsius we can infer that the firm had a much worse financial situation than any other loan book. <\/p>\n<p>In that time, the firm has tapped restructuring pros and has indicated all the signs of bankruptcy on the horizon.<\/p>\n<p>\u2014 Zaheer (@SplitCapital) <a href=\\\"https:\/\/twitter.com\/SplitCapital\/status\/1545023108314193922?ref_src=twsrc%5Etfw\\\">July 7, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>On June 13, Celsius <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-token-plunges-50-amid-withdrawal-suspension\">suspended withdrawals<\/a>, swaps and transfers between accounts due to extreme market conditions.<\/p>\n<p>Analysts suggested that the real reason behind the events was a &#8216;liquidity crisis&#8217;.<\/p>\n<p>Commenting on <a href=\"https:\/\/u1f987.com\/en\/news\/what-happened-to-celsius-cel\">the company&#8217;s further actions<\/a>, Georgetown University law professor Adam Levitin <a href=\"https:\/\/u1f987.com\/en\/news\/law-professor-says-celsius-bankruptcy-is-almost-inevitable\">noted<\/a> that its leadership had bet on a &#8216;resurrection gamble&#8217;.<\/p>\n<p>He said that the firm&#8217;s bankruptcy was virtually inevitable.<\/p>\n<p>As reported, the financial conglomerate Goldman Sachs intends to raise <a href=\"https:\/\/u1f987.com\/en\/news\/goldman-sachs-to-raise-2-billion-to-buy-celsius-network-assets-reports-say\">$2 bn from investors to buy Celsius assets<\/a>, according to the media.<\/p>\n<p>Also, the financially distressed rival platform BlockFi <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-us-signs-deal-with-blockfi-with-option-to-acquire-the-lending-platform\">entered into a deal with FTX<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto-lending platform Celsius Network has fully repaid its loan in the MakerDAO DeFi protocol and withdrew collateral totaling 23 962 WBTC worth about $490 million.<\/p>\n","protected":false},"author":1,"featured_media":64096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1348,1100],"class_list":["post-64095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-celsius-network","tag-makerdao"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=64095"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64095\/revisions"}],"predecessor-version":[{"id":64097,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64095\/revisions\/64097"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64096"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}