Celsius repays Aave debt and withdraws $416 million in stETH

By    13 Jul,2022

Celsius has clarified its intentions as it continues to repay its Aave debt. The total amount owed has now been cut to about $50 million. The crypto lender has also withdrew $416 million in stETH from the Aave address. This week, Celsius may seek to settle its outstanding Compound loan and liquidate further tokens.

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Loan repayment rates have skyrocketed since the struggling crypto lender recruited the new law firm Kirkland & Ellis LLP as part of the restructuring plan. However, the prospect of declaring bankruptcy must be overlooked.


Celsius Repays Its Aave and Compound Loans Actively

Celsius withdraws 63.50 million USDC from FTX to repay the $71 million Aave loan. The outstanding Aave loan is worth $8.42 million in USDC and $80,000 in REN. Without a doubt, Celsius could pay off its Aave debt entirely by today.

Aside from Aave, the crypto lender has a Compound debt of $50 million in DAI. A $3.20 million fUSDC loan from Notional Finance must also be returned by September 25.


After redeeming the USDC debt on the Aave wallet address, Celsius removed 400,000 Staked Ethereum (stETH) collateral worth $416 million. However, a shortage of stETH liquidity may preclude Celsius from selling all stETH tokens. The Aave address presently has $10.92 million stETH remaining.


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