Maker's life valued at $5000 after Celsius Network pays $ b:n million
After the payment of ${b:n} million by Celsius Network, Maker's life was valued at no more than $5000.
The Celsius Network has made several loans to reduce the amount of funds it would need to pay back if it were liquidated.
The loan paybacks have been witnessed on vault #25977, which is said to belong to the firm. According to DeFi Explore, the company started making a string of repayments from June 14 onwards. The latest, which is also the biggest payment (64 million DAI) since that period, happened just yesterday.
In the past couple of days alone, Celsius repaid some $120 million to Maker, while crypto researcher Plan C also indicated that the firm paid a combined $67 million in debt to Aave and Compound on July 2. The vault now has an outstanding loan of over $82 million. Its collateralization ratio has also risen to 577.81%, meaning less risk for its lenders.
Celsius Settles Loans, Liquidation Price Falls
The latest security measures implemented by Celsius have resulted in a liquidation price of $4,967. On June 13, the same day that withdrawals were suspended, the firm's liquidation price was near BTC's then-current range.
The hiring of restructuring lawyers and the cooperation with regulators by Celsius seem to be a result of its efforts to help its case, as indicated by the news that it had done so.
In addition to its loan payments - which totaled $142.8 million - Celsius also reduced its workforce by 150 people this month.
People in the community and CEL expressed their reactions
The community questions whether the firm will reopen withdrawals after its latest actions offset the risk of insolvency. The biggest question in the room has been where the company is getting funds to reimburse its lenders, since investors showed no interest in bailing out the company.
The latest repayments have been well-received, as is further evidenced by the price of the firm's native cryptocurrency - CEL, which is up over 17% in the past 24 hours.
