The troubled cryptocurrency lender Celsius Network successfully recovers $172M in collateral that had been locked in Aave and Compound DeFi platforms.
Celsius could retrieve the $172M in collateral after it repaid $95 million of debt to Aave and Compound.
Yesterday morning, Celsius withdrew 6,083 wrapped bitcoin (wBTC) from Aave totaling about $124 million. Celsius took its bitcoin out of Aave and transferred it to an Ethereum address.
Additionally, it retrieved around $700,000 in COMP, the native token of the Compound platform.
Just yesterday, Celsius repaid $20 million in USDC to Aave. A few hours later, Celsius repaid 35m $DAI on Compound and 40m $USDC on Aave, as reported by the PeckShield platform.
Sometime after that PeckShield reported that Celsius has repaid another 18m $USDC on Aave. On July 2nd, Celsius did pay up additional obligations to Aave and Compound totaling $67 million.
Celsius still owes $72 million in USDC to Aave, and $50 million in DAI to Compound, per on-chain data obtained from its wallets.
Celsius currently appears to be on track to settle the remaining balance owed to DeFi protocols. Just a few days back, Celsius repaid its remaining loan to Maker Protocol for a $440 million collateral release.Â
The collateral that Celsius pledged as security for those loans is now reduced to $680 million, so if it pays its debt entirely then the platform will be out of liquidation and bankruptcy fears.
