Celsius Network reclaimed a large portion of collateral deposits locked in decentralized finance (DeFi) apps yesterday.
Emerging Cryptocurrency Firm Celsius’s Debt to Aave Drops to $8.4M
Celsius received 400,000 from Aave, a lending protocol in which it previously invested its funds. stETH ($417 million). assets currently aave located at the same wallet address used to transact with
This condition is believed to be used by the company in question. cryptocurrency It was determined as a result of the on-chain examination of the data in the wallet. This crypto wallet Ethereum It was registered as “Celsius Network: Wallet 11” by Etherscan, a block scanner. The company has about 24 cryptocurrencies followed.
Faced with a financial meltdown caused by the sharp drop in crypto markets, Celsius is reducing its DeFi positions amid reports that it is preparing for a potential bankruptcy filing.
Celsius, in addition to receiving stETH from Aave, to Aave in three transactions USDC made a loan repayment of $63.5 million. Thus, Celsius’ debt to Aave fell to about $8.4 million.
The latest move comes after the firm withdrew 6,083 Bitcoins from Aave on Monday. In addition, the company last week from MakerDAO worth $440 million wrapped Bitcoin had taken.
According to on-chain data, Celsius’s largest DeFi position currently consists of the 10,000 Bitcoin ($200 million) collateral deposit on Compound.
The sudden drop in the crypto market had put companies in leveraged positions in a difficult position.
*Not investment advice.