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In early trading, the US dollar fell 0.3% against the Japanese yen (USD/JPY), currently trading at 157.16, down about 30 points from Fridays close.U.S. Senate Minority Leader Schumer: The continuing resolution announced today is a responsible choice.On August 3, Iranian Foreign Minister Araqchi spoke by phone with the Iraqi Foreign Minister, discussing the latest developments in the region, ways to strengthen bilateral and regional cooperation, and the most important issues of common concern to both countries.On August 3rd, US President Trump stated on Saturday evening (Eastern Time) that he would suspend a new round of attacks on Iran, awaiting the resumption of negotiations to end the war and restore cargo transport halted in the Strait of Hormuz. This is the latest example in a series of US presidents threatening large-scale attacks only to cancel them later. This sudden shift has become a prominent feature of the five-month-long US-Iran conflict. According to statistics, similar "scripts" have played out eight times so far. 1. April 7th: Trump announced a two-week ceasefire with Iran less than two hours before the "deadline." At that time, he demanded Iran submit, or face attacks on bridges and power plants—which he claimed would mean "the destruction of an entire civilization." 2. April 21st: Trump announced an indefinite extension of the ceasefire agreement with Iran, just one day before the agreement expired, the same day the US launched attacks on Iranian oil tankers. 3. May 18th: After issuing harsh threats to Iran over the weekend, Trump stated he was suspending a large-scale military strike plan because "serious negotiations" were underway. By May 27th, the negotiations had broken down, and the US resumed attacks. 4. June 11: After two days of mutual attacks, Trump escalated his threats further, saying the U.S. would "strike hard tonight" Iran and "take full control" of its oil and gas industry. However, hours later, Trump posted on social media that negotiations had made a breakthrough and canceled the strikes. 5. June 17: Trump and Iran signed a preliminary agreement requiring a permanent cessation of hostilities and the reopening of the Strait of Hormuz, while launching a 60-day countdown to negotiations to reach a final agreement on the future of Irans nuclear program. 6. July 7: Following Iranian attacks on merchant ships in the Strait of Hormuz, Trump launched new strikes against Iran while attending the NATO leaders summit in Ankara, Turkey. He then again threatened to "get the job done," saying he believed the ceasefire was over. 7. July 27: Trump said he had paused two weeks of intensive daily strikes against Iran to give negotiations another chance. During the 13-day strikes, the U.S. military targeted key military and commercial facilities as tensions along shipping routes continued to escalate. 8. August 1: After telling reporters that the United States would strike Iran “severely,” Trump said on social media that he had canceled the planned strike, claiming that Middle Eastern allies had reached a framework agreement to end the war, including reopening the Straits.On August 3, according to US media Semafor, a Senate continuing resolution introduced by Senators Collins and Murray has been passed. The bill would provide government funding until December 11. The bill blocks a new rule that would allow the government to cancel funding to states such as blue states. Collins stated that the bill "prevents the Office of Management and Budget (OMB) from enacting its proposed rule regarding federal financial aid." Murray stated, "This bill blocks the implementation of this corrupt new OMB appropriations rule during the continuing resolutions validity period. This proposed rule would systematically politicize federal funding and allow Trump administration officials to cancel appropriations at any time for any reason."

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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