This is significant because it means Celsius can now reclaim over $440 million worth of collateral in the form of Wrapped Bitcoin.
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An end could soon be in sight for Celsius Network customers who have been unable to access their crypto for four weeks.
On-chain data shows that the embattled crypto lender has now fully repaid a loan to Maker Protocol.
This is significant because it means Celsius can now reclaim over $440 million worth of collateral in the form of Wrapped Bitcoin.
Hundreds of millions of dollars have been repaid to Maker over recent days.
There hasn't been much in the way of an update from Celsius Network in recent days — with executives warning it will take time to complete a restructuring.
But the activity we're seeing in on-chain data does confirm that work has been taking place behind the scenes to get on a firmer financial footing.
Withdrawals were halted in the middle of June, with Celsius Network blaming "extreme market conditions" for the outage.
This led to panic in the crypto markets, and a number of other lenders having little choice but to follow suit.
We're yet to hear confirmation that the loan has been paid off from Celsius — and it's unclear what this will mean for customers frozen out of their funds.
There's a danger that they may not receive the crypto in their accounts in full.
Another worry relates to the fact that there could be a rush for the exits if and when withdrawals resume, with Celsius hemorrhaging customers as they take their funds off the platform.
