On Wednesday, the business returned approximately $50 million of its debt to Compound’s lending protocol over two transactions, erasing the final part of its outstanding on-chain debt.
According to on-chain data on wallets related to Celsius, the business has paid off more than an estimated $800 million of debt owed to Aave, MakerDAO and Compound since 10 June.
Celsius network paid off over $800 million of debt to DeFi apps. Image: Celsius
Over the past month, Celsius has winded down its holdings to retrieve substantial sums of its collateral on loan applications.
Last Monday, the business paid off all of its debt from MakerDAO and took out $440 million in wrapped bitcoin. Later, it also retrieved $124 million in wrapped bitcoin and $417 million in staked ether from Aave. Today, it withdrew another $200 million in wrapped bitcoin from Compound.
On-chain data suggests Celsius has been regularly moving considerable quantities of its collateral assets to centralised exchanges to – most likely — sell them and pay off its debt commitments.
Celsius has been battling bankruptcy, driven by a steep decrease in the price of crypto assets. On 12 June, it stopped withdrawals and transfers on its centralised lending facility.