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.
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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