Celsius repays debts, cuts jobs amid bankruptcy fears




  • In Business
  • 2022-07-05 04:37:43Z
  • By Forkast News
 

Celsius Network has paid back US$142.8 million of its debt to Maker since July 1, data from DeFi Explore shows, as the embattled cryptocurrency lender looks to avoid a complete collapse.

See related article: Goldman Sachs said to raise US$2B for Celsius assets: report

Fast facts

  • With the repayment, Celsius' liquidation price for its Wrapped Bitcoin (WBTC) loans has dropped to US$4,967.

  • Celsius has an outstanding debt of US$82 million on the Maker protocol.

  • Celsius' total investments in Maker amount to US$1.8 billion, which led to a loss of US$656.5 million, according to DeFi Explore data.

  • The crypto lender halted user withdrawals and transfers on June 13, citing "extreme market conditions."

  • Celsius' restructuring lawyers have reportedly advised filing for Chapter 11 bankruptcy.

See related article: Celsius said to be hiring restructuring attorneys, exploring financing options

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Exclusive: Ripple Labs
Exclusive: Ripple Labs 'interested' in bankrupt crypto lender Celsius' assets - spokesperson
  • US
  • 2022-08-10 14:52:48Z

"We are interested in learning about Celsius and its assets, and whether any could be relevant to our business," the spokesperson said, declining to say if Ripple was interested in acquiring Celsius outright. "Ripple has continued to grow exponentially" through the recent crypto market turmoil and "is actively looking for M&A opportunities to strategically scale the company," the spokesperson said.

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