Overview

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On-chain data suggests that Celsius’ obligations are complex and it maintains collateralized loans on multiple lending protocols. The firm still owes $82 million to Maker, $100 million to Celsius (CEL) has repaid a substantial amount of its outstanding debt to Maker (MKR) protocol since the beginning of the month, signaling that the troubled crypto lending Today someone opened a position of 17,919 WBTC on Maker to borrow $278 million of DAI and there is speculation that it may be Celsius Network. 🚨 Celsius Network This month Celsius paid down 183M DAI owed to MakerDAO and withdrew 2,000 Wrapped Bitcoin, worth nearly $21M, according to DeFi Explore, an analytics platform. Crypto staking and lending platform Celsius has reportedly repaid $142.8 million in Dai (DAI) stablecoins to the Maker (MKR) protocol in four separate transactions The over-extended lending platform paid $183.6 million debt in DAI stablecoin since July 1st to Maker DAO. The latter is also a lending platform but decentralized, currently

Is the Speculation True? Examining Celsius' Alleged $278M DAI Debt to Maker Protocol

The crypto world is buzzing with speculation: is it true that Celsius Network owes $278 million in DAI to the Maker protocol? The rumor mill ignited after someone opened a position of 17,919 WBTC on Maker to borrow that exact amount. Many suspect Celsius Network is behind this transaction, given their recent financial struggles. But is this speculation accurate, and what do we know for sure?

The situation is undeniably complex. On-chain data suggests that Celsius’ obligations are complex and it maintains collateralized loans on multiple lending protocols. While the $278 million figure is grabbing headlines, it's crucial to understand the full context of Celsius's debt management.

Celsius and MakerDAO: A History of Debt Repayment

Notably, Celsius (CEL) has repaid a substantial amount of its outstanding debt to Maker (MKR) protocol since the beginning of the month, signaling that the troubled crypto lending platform is actively working to reduce its liabilities. In fact, Celsius has made significant strides in repaying its DAI obligations. This month Celsius paid down 183M DAI owed to MakerDAO and withdrew 2,000 Wrapped Bitcoin, worth nearly $21M, according to DeFi Explore, an analytics platform. Furthermore, the over-extended lending platform paid $183.6 million debt in DAI stablecoin since July 1st to Maker DAO.

Crypto staking and lending platform Celsius has reportedly repaid $142.8 million in Dai (DAI) stablecoins to the Maker (MKR) protocol in four separate transactions. These repayments suggest an effort to stabilize their financial position and reduce exposure to MakerDAO, which is a lending platform but decentralized, currently.

Current Obligations: $82 Million Still Owed

Despite these repayments, the situation is ongoing. The firm still owes $82 million to Maker. The initial speculation of a $278 million debt needs to be considered in light of Celsius's demonstrated efforts to reduce their debt burden.

The Verdict: More Research Needed

While the speculation of a fresh $278 million DAI loan from Maker is circulating, it's important to remember the context of Celsius's previous repayments and existing obligations. The truth likely lies somewhere in the intricate web of DeFi transactions. Until further evidence emerges, the $278 million figure remains a speculative claim. It's crucial to follow on-chain data and reputable news sources for accurate updates as the situation unfolds.

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