Celsius (CEL) has repaid a considerable quantity of its excellent debt to Maker (MKR) protocol because the starting of the month, signaling that the troubled crypto lending platform was attempting to stave off a whole collapse amid credible rumors of insolvency.

Since July 1, Celsius has repaid $142.8 million value of Dai (DAI) stablecoins throughout 4 separate transactions, according to information from DeFi Explorer. The crypto lender nonetheless has $82 million in excellent debt owed to Maker. Out of $1.8 billion in lifetime investments, the agency’s losses at the moment stand at $667.2 million.

With the mortgage repayments, Celsius’ liquidation value on its Wrapped Bitcoin (wBTC) mortgage has dropped to $4,966.99 Bitcoin (BTC). The liquidation value reportedly fell by practically half since Celsius posted a $64 million DAI fee on July 4, mere hours after it paid $50 million in DAI.

JUST IN: Celsius Community has paid off one other $50 million in the direction of its #Bitcoin mortgage. Their liquidation value has dropped to $8,840.

— Watcher.Guru (@WatcherGuru) July 4, 2022

Celsius is amongst a number of crypto blue-chip corporations on the point of insolvency after excessive market circumstances triggered historic losses throughout a number of positions. The agency paused withdrawals in mid-June as a result of excessive market circumstances and later introduced on new authorized counsel to advise on restructuring. Experiences that United States mega-bank Goldman Sachs was looking to amass Celsius’ belongings quickly surfaced.

Crypto platform tells savers the way it’s completely different from Celsius Community

Regardless of liquidity points and indicators of an imminent collapse in its enterprise, Celsius was reportedly nonetheless paying rewards as of final week. Though Celsius customers have been nonetheless receiving rewards, they have been unable to withdraw them as a result of liquidity constraints.