<p><span style="font-weight: 400;">Celsius Network, a centralized lending firm undergoing a major insolvency crisis, continues to repay and reclaim large amounts of collateral from DeFi protocols.</span></p> <p><span style="font-weight: 400;">At around 9:14 a.m. ET, Celsius withdrew <a href="https://etherscan.io/tx/0xedb6ae7fc604ceb7a3fc53ae4d30da86fe4e091d60107bf6ce755a5d771c49b0">6,083 wrapped bitcoin</a> (worth approximately $124 million) from Aave, a popular lending platform it used to borrow assets and earn a yield.</span></p> <p><span style="font-weight: 400;">After pulling out its bitcoin from Aave, Celsius </span><span style="font-weight: 400;">transferred</span><span style="font-weight: 400;"> these funds to an <a href="https://etherscan.io/token/0x2260fac5e5542a773aa44fbcfedf7c193bc2c599?a=0x41318419cfa25396b47a94896ffa2c77c6434040">Ethereum address</a> that is known to regularly interact with centralized exchanges like FTX. </span></p> <p><span style="font-weight: 400;">Besides transferring out wrapped Bitcoin today, Celsius also repaid $60 million in USDC stablecoin to Aave in <a href="https://etherscan.io/address/0x8aceab8167c80cb8b3de7fa6228b889bb1130ee8#tokentxns">three transactions</a> on Monday, thereby reducing its overall debt on the platform. Later, a <a href="https://etherscan.io/tx/0xad55b52a2dd41ddda73e83e7d19e93a7ecf25b51f1e2d14283083744d225bde0" target="_blank" rel="noopener">fourth transaction</a> raised that total amount to $78 million.</span></p> <p><span style="font-weight: 400;">Facing a financial fallout caused by a sharp drop in crypto markets, Celsius has been winding down its DeFi positions on protocols like Compound, Aave, and Maker. L</span><span style="font-weight: 400;">ast week, the embattled cryptocurrency lender repaid all of its debt on MakerDAO before withdrawing $440 million in wrapped bitcoin.</span></p> <p><span style="font-weight: 400;">According to <a href="https://zapper.fi/bundle/0x8aceab8167c80cb8b3de7fa6228b889bb1130ee8%2C0x1cedc0f3af8f9841b0a1f5c1a4ddc6e1a1629074%2C0x87a67e7dc32fdc79853d780c6f516312b4a503b5%2C0xeee27662c2b8eba3cd936a23f039f3189633e4c8%2C0xc131701ea649afc0bfcc085dc13304dc0153dc2e%2C0x84e1f49a6b65882c7365b6a775999cfcb481f22f%2C0xcf7a68127285c7c6c8546ce51b89d7e820f6d294%2C0x4f6742badb049791cd9a37ea913f2bac38d01279%2C0xdbaa0bcec419c47a75efbb93c745aebae3fe9c7b%2C0x3b6543ebe26824bd8156a103063f56ce50f88080%2C0xef22c14f46858d5ac61326497b056974167f2ee1%2C0x3be6d80fdce385358f5762998882efc282df7b9a%2C0x845cbcb8230197f733b59cfe1795f282786f212c%2C0x0fc8415a9b8f535e9f48ba245b1b18a37fb03a90%2C0x8665d75ff2db29355428b590856505459bb675e3?label=Celsius+Wallets+Combined&amp;id=0x7d3a40822eb2701f5d08e3a24b0bfefbd173e1ae&amp;addresses=0x8aceab8167c80cb8b3de7fa6228b889bb1130ee8%2C0x1cedc0f3af8f9841b0a1f5c1a4ddc6e1a1629074%2C0x87a67e7dc32fdc79853d780c6f516312b4a503b5%2C0xeee27662c2b8eba3cd936a23f039f3189633e4c8%2C0xc131701ea649afc0bfcc085dc13304dc0153dc2e%2C0x84e1f49a6b65882c7365b6a775999cfcb481f22f%2C0xcf7a68127285c7c6c8546ce51b89d7e820f6d294%2C0x4f6742badb049791cd9a37ea913f2bac38d01279%2C0xdbaa0bcec419c47a75efbb93c745aebae3fe9c7b%2C0x3b6543ebe26824bd8156a103063f56ce50f88080%2C0xef22c14f46858d5ac61326497b056974167f2ee1%2C0x3be6d80fdce385358f5762998882efc282df7b9a%2C0x845cbcb8230197f733b59cfe1795f282786f212c%2C0x0fc8415a9b8f535e9f48ba245b1b18a37fb03a90%2C0x8665d75ff2db29355428b590856505459bb675e3">on-chain data</a> gathered from its wallets, </span><span style="font-weight: 400;">Celsius still owes $72 million in USDC to Aave and $50 million in DAI to Compound. </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>