Celsius Network has paid off its entire bitcoin loan in full, bringing the liquidation price down to $0. Celsius is in the process of clearing debt as the crypto lending platform recently paid off millions against its bitcoin loan. The last payment before today’s payment was on July 5, when the company paid off $40.8 million†
Today, the company liquidated its bitcoin loan by paying an additional $41.2 million. Due to the payment, the liquidation price, which was $2722.27, fell to an absolute $0.00. Full redemption history can be viewed here†
Celsius recovers $453 million in collateral
Celsius Network ceased operations including trading, withdrawals and deposits in June. It has been more than 24 days since the platform blocked access to funds for its users.
The $41.2 million payment against his bitcoin loan has today cleared the debt and released the $453 million collateral. The loan taken out with Maker Protocol is now fully paid off.
Data from Defi Explore shows that the last $41.2 million was paid in DAI. DAI is the stablecoin of the Maker Protocol. As a result, Maker released 21,962 WBTC to Celsius, which was pledged as collateral for the loan. The released WBTC is worth approximately $453 million at the time of writing, with WBTC trading on $20,636.24†
The fund that is now being released can be used to stabilize the financially struggling lending platform. Although June proved extremely difficult for the company, Celsius started deleveraging earlier this month.
CEL is currently trading at $0.8453, down 6.69% in the past 24 hours. Compared to weekly performance, CEL is up 9% in the past 7 days.
Now that the company has reclaimed its collateral from Maker, users are on the edge of their seats in hopes the platform will resume operations.