Cryptocurrency Lending Platform Celsius Repays MakerDAO Loan and Withdraws $490M of Collateral

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Cryptocurrency lending platform Celsius Network has fully repaid the loan in the DeFi protocol MakerDAO and has withdrawn a total of 23,962 WBTC of collateral ($490 million).

Analyst DeFiyst initially suggested Celsius was realizing the assets through an over-the-counter deal with a prior arrangement.

At the same time, he noted the funds were sent to the company’s main wallet, which contains large debt positions in Compound ($100 million) and Aave ($178 million). The expert asked:

“Consolidation of funds before bankruptcy?”

The addition steps taken by Celsius demonstrated the firm is likely to bring the crypto to the spot market, putting pressure on the price of Bitcoin.