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On November 16, it was reported that Li Baian, former member of the Party Committee and Vice President of China Merchants Group Limited, is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.On November 16th, according to the Finnish newspaper Helsingin Sanomat, European Central Bank (ECB) Governing Council member Rehn stated that the risk of slowing inflation should not be ignored. Low energy prices, a stronger euro, and declining wage and service sector inflation all suggest that overall inflation may be excessively below the ECBs 2% target. When asked if the ECB might cut interest rates again in December, Rehn said, "This risk cannot be underestimated." However, he also cautioned against the potential for rising inflation. Rehn stated that despite the Trump administrations tariff policies disrupting global trade, the Eurozone economy has shown resilience. Rehn also warned that the stock market "clearly faces the risk of a correction," emphasizing the importance of bank capital buffers. Driven by the US artificial intelligence boom, current stock prices appear high relative to the performance of the real economy and corporate profits. This requires caution.On November 16th, it was reported that the United States and Trinidad and Tobago are about to conduct military exercises in waters near the coast of Venezuelas Sucre state. On November 15th, Venezuelan President Maduro strongly condemned the exercises, calling the action "irresponsible" and a "threat" to peace in the Caribbean. Maduro stated that such actions are intended to put pressure on Venezuela, but Venezuela "will not be threatened by anyone." Recently, Trinidad and Tobagos Attorney General John Jeremy stated that the 22nd Marine Expeditionary Unit will be "intensifying exercises" in the country "in the coming days."1. Hungarian Prime Minister: Europe is on the brink of war. 2. Ukraine claims 1,200 Ukrainian prisoners will be released; Russia has not yet responded. 3. Russian Ministry of Defense: Russian troops have taken control of the Yablokovo settlement in Zaporizhia. 4. Ukrainian President Zelenskyy has ordered a comprehensive reform of state-owned energy companies. 5. According to RIA Novosti: The situation remains stable after an external power line to the Zaporizhia nuclear power plant was shut down. 6. Southern Ukrainian Defense Forces: Ukrainian troops have conducted a tactical withdrawal from the town of Novovasilivsk in the Zaporizhia region. 7. General Staff of the Armed Forces of Ukraine: A Russian oil refinery in Ryazan Oblast was attacked by Ukrainian forces; the refinery produces 840,000 tons of aviation fuel and other military fuels annually. 8. Russian Ministry of Defense: 247 Ukrainian drones were shot down in the past 24 hours. A Ukrainian military airport and energy facility related to the defense industry were attacked. 9. General Staff of the Armed Forces of Ukraine: Ukrainian forces struck the Sky-U radar station in Crimea, a military train in the Tokmok region of Zaporizhzhia, and a Russian troop assembly point in Volchansk, Kharkiv region.On November 16, the Kremlin announced that Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu held a phone conversation on November 15, during which they had in-depth exchanges on the situation in the Middle East, including developments in the Gaza Strip, Irans nuclear program, and the situation in Syria.

Celsius Network Close to Zeroing Outstanding Debt With $59 Million Aave Payment

Jimmy Khan

Jul 13, 2022 15:46

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Celsius (CEL-USD) doesn't want to commit the bankruptcy trap, as several of its contemporaries have recently done. It has been perilously close to falling over a cliff because of its substantial market obligations. But as of right now, the Celsius network is one step closer to paying off these loans. After making a sizable contribution to the Aave (AAVE-USD) network, it is almost financially independent of the platform. Additionally, it's enabling Celsius to reclaim a substantial stockpile of staked Ethereum (ETH-USD) tokens.


One of the most well-known crypto fund managers and DeFi platforms available is Celsius. Through its trading, lending, and staking platforms, the platform at its height was in charge of managing $20 billion in assets. But it has been falling sharply since the most recent crypto meltdown.


Since the bitcoin market crashed, Celsius has become heavily indebted to other DeFi service providers. The business owes Aave and sister DeFi platform Compound a combined $258 million (COMP-USD). The ecosystem of MakerDAO (MKR-USD) owes another $223 million.


With these obligations close at reach, bankruptcy was a very real prospect for Celsius. Both Three Arrows Capital and Voyager Digital, fellow asset managers, announced their own bankruptcy filings in late June of last year.


This forced the business to use some less-than-ideal asset protection strategies, according to investors. This includes a withdrawal stop that was implemented in order to maintain the liquidity of the network. Although efficient, it infuriated the 500,000 customers who were unable to remove their assets off the blockchain during the market meltdown.

Celsius Network is still able to stay out of bankruptcy.

The Celsius network was able to cobble together the cash necessary last week to settle its $223 million debt to Maker. It got the $450 million it had pledged as collateral in return. The business immediately used the money to deposit a $950 million collateral with Aave and Compound. This week, the business has been actively attempting to get rid of those debts.


This week, Celsius is making progress on its debt to Aave and Compound in addition to bringing on a new legal team to help it escape bankruptcy at all costs. The business paid off $20 million of its debt to Aave yesterday. It is now paying down an additional $81 million. Following the start of this payment, Celsius' total debt to Aave was only $8.5 million. A further $410 million in collateralized staked ETH tokens were also made available.


Between Aave and Compound, Celsius only owes a total of $59 million more in debt. But a setback is unfortunately on the horizon for the business. KeyFi, a DeFi startup, is suing Celsius for allegedly refusing to uphold an agreement between the two.


KeyFi has been using the money from Celsius to make risky, leveraged bets. KeyFi claims Celsius failed to adhere to the agreed-upon proportion of earnings that it was understood the two would share with KeyFi. The business is now suing Celsius in court. It is making strong assertions that Celsius is a Ponzi scheme, which will provide the business with additional challenges in the future.

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