Celsius Getting Out Of Hot Water?
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July 7th, 2022

Embattled crypto lending outfit Celsius, whom paused withdrawals and deposits last month, has been working hard to pay down debts with other institutions in order to unlock a trove of Bitcoin that was used as collateral, possibly paving the way to resume withdrawals for their very angry users.  One of the more substantial payoffs recently was to Maker for $183m worth in debt, which resulted in unlocking $40m in Wrapped Bitcoin.  However, they still have a 41 million DAI debt note, which will unlock $440m Wrapped Bitcoin!  This could possibly mean they could sell it on centralized exchanges or via over-the-counter to unfreeze activities.  They've also made some board changes that might also signal they are ready to resume their business.

Finally some good news!  Hopefully those worried users get their money back soon enough!

Written by: nikethereum.eth / Medium

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