Celsius repays debts, cuts jobs amid bankruptcy fears

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.

• Celsius has also laid off around 150 employees, or over 20% of its staff, Israeli media outlet Calcalist reported.

• 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