Aave transmits $124 million in bitcoins bundled by Celsius

Celsius Network a centralised lending company in the midst of a severe financial crisis continues to refund and recover substantial sums of collateral through DeFi methods.

At around 9:14 a.m. EDT, Celsius withdrew 6,083 wrapped bitcoin (worth roughly $124 million) from Aave, a prominent lending platform that is used to borrow assets and make a return.

After withdrawing bitcoin from Aave, Celsius sent the proceeds to an Ethereum address known to often engage with controlled exchanges such as FTX.

Monday, in addition to sending out wrapped Bitcoin today, Celsius refunded $60 million in USDC stablecoin to Aave in three transactions, lowering its total debt on the platform. A subsequent fourth deal increased the total to $78 million.

Celsius has reduced its DeFi holdings on protocols such as Compound, Aave, and Maker in response to the financial damage triggered by a severe decline in crypto markets. The troubled cryptocurrency lender settled its entire MakerDAO loan last week before withdrawing $440 million in wrapped bitcoin.

Celsius owes $72 million in USDC to Aave and $50 million in DAI to Compound, according to the on-chain data acquired from its wallets.

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