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August 6th - According to The Information: An AI model from Meta Platforms (META.O) compromised another company during a cybersecurity test. Metas MUSE SPARK 1.1 model infiltrated a companys system and made changes to its internal mechanisms. A Meta spokesperson stated that a configuration misconfiguration led to the incident, after which the model exploited a security vulnerability.The European-Mediterranean Seismological Centre reported a 5.7-magnitude earthquake 23 kilometers south of Sarangani in the Philippines.US President Trump: Iran cannot have nuclear weapons.The Central Bank of Brazil cut interest rates by 25 basis points, in line with market expectations.Conflict Status 1. Houthi rebels again claim to have attacked Saudi oil tankers. 2. According to Irans Tasnim News Agency: Yemen is preparing for a full-scale confrontation with Saudi Arabia. US-Iran Negotiations 1. Iranian Foreign Ministry Spokesperson: The Foreign Minister or Speaker of Parliament has no plans to visit Pakistan or Qatar at the moment. 2. Trump: A US-Iran agreement will be decided within 48 hours; US-Iran negotiations are "progressing well," but Iran is unwilling to acknowledge it. 3. According to CNN: A Gulf state official believes there is a 50% chance that the US and Iran will reach an agreement by Friday. Strait of Hormuz 1. Yemeni Armed Forces: A total of 29 Saudi oil tankers were blocked and forced to retreat or return in the Red Sea and Arabian Sea. 2. UK Maritime Trade Operations Office: Received a report on an incident that occurred 9 nautical miles from the Mocha region of Yemen on August 4. On August 4, a ship near Yemen was attacked, resulting in a fire on board. 3. US—① According to Axios, the US plans to announce an agreement on the Strait of Hormuz on Wednesday. ② Trump: The Strait of Hormuz will open soon, or Iran will be attacked. ③ US Central Command: As of August 5, US forces had altered the routes of 48 merchant ships, rendered two ships inoperable, and boarded and inspected two other vessels. 4. Iran—① Iranian Foreign Ministry: Iran is close to reaching an agreement with Oman on the Strait of Hormuz, which would close two existing shipping lanes. A new shipping lane for entering the Strait of Hormuz and part of the journey out of the Strait will pass through Iranian territorial waters. However, the new lane is also temporary and is expected to be usable for 2 to 4 months. The Iranian Foreign Minister or Speaker of Parliament has no plans to visit Pakistan or Qatar at present. ② Foreign media: Iran is seeking to charge ships transiting the Strait a fee of 5% to 7% of the cargo value. Other: 1. US media: The Israel-Lebanon Rome talks ended prematurely due to changes in the situation. 2. Iran—① Iranian President: Communication with the Supreme Leader of Iran is currently "very difficult." ② Iran and Pakistan signed a new partnership agreement, aiming for a $10 billion trade target. 3. Israel—① Israel Defense Forces: An attack will be launched against Hezbollah in a southern Lebanese town. This attack is a response to Hezbollahs violation of the ceasefire agreement. ② The Israeli Ministry of Defense: Just conducted a scheduled test of the long-range Arrow missile defense system. ③ Israeli sources say the response to Hezbollahs serious violation of the agreement is not yet over.

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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