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    Celsius Paid Off Maker Loan, Moves Funds In Single Wallet


    Crypto lender Celsius has paid off its Maker mortgage utterly. Celsius has paid the 41.23 million DAI debt and withdrawn 21,962.63 wBTC collateral value $450 million. Interestingly, many of the funds are actually in a single pockets, which some suppose is a pre-bankruptcy consolidation of funds. However, some see it as a possibility for CEL token quick squeeze.

    Is Celsius Getting Ready for Bankruptcy

    Celsius on July 7 has closed its excellent Maker mortgage of 41.23 million DAI and acquired 21,962 wBTC value $450 million in collateral again in Bitcoin. The firm had been actively paying off its debt day by day this week.

    As reported earlier, Celsius’ multi-collateral DAI vault 25977 had an impressive debt of 41.23 million DAI. The wBTC liquidation worth fell to $2,722.11 after it paid off nearly $180 million of Maker mortgage in July.

    After clearing its Maker mortgage, Celsius is left with Compound and Aave loans of almost $258 million. In reality, the corporate has repaid 8.76 million in DAI to Aave in a recent transaction.

    According to Zapper.fi, the Celsius Wallets Combined has a internet value of round $2 billion. Out of which, the pockets deal with (0x8aceab8167c80cb8b3de7fa6228b889bb1130ee8) having a internet value of $1.14 billion, which accommodates most tokens.

    Many consultants, together with DeFiyst, consider the consolidation of funds in a single pockets is a pre-bankruptcy transfer. Interestingly, this excludes CEL and staked ETH (stETH).

    “If it’s not sold and is moved to FTX, ppl will frontrun the flow and they’ll get a worse price. As @SplitCapital mentioned, the flow will work its way through if sold OTC regardless in that size.”

    Celsius has round $384 million value of Ethereum (ETH) tokens staked. If the funds go to the Aave place as collateral, Celsius would have sufficient to withdraw all stETH.

    Currently, the corporate could also be executing a transaction with $500 million value of wBTC on FTX.

    Meanwhile, Simon Dixon, CEO of BnkToTheFuture, warned in a tweet:

    “I add that the Celsius Network community will need to apply pressure to prevent crypto assets being sold in Chapter 11 like we did in Mt. Gox. If not depositors lose & cheap Bitcoin will be scooped up at the cost of innocent misled investors. Let’s prevent that #DepositorsFirst.”

    CEL Token Short Squeeze

    Celsius’ CEL token witnessed a brief squeeze after the Maker mortgage reimbursement. The CEL worth jumped from $0.84 to $0.91 inside an hour. The worth was once more dumped to 0.84 by short-sellers. On common, 60% of quick positions had been witnessed throughout exchanges.

    Meanwhile, rumors of The CelShortSqueeze group coming along with WallStreetBets are circulating to get the most important squeeze in crypto historical past.

    Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at present overlaying all the most recent updates and developments within the crypto trade.

    The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability in your private monetary loss.





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