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On May 17, the World Health Organization declared that the Ebola outbreaks in the Democratic Republic of Congo and Uganda constitute a "Public Health Emergency of International Concern."① Iran: 1. Construction resumes on Unit 2 of the Bushehr nuclear power plant in Iran. 2. A fire at an Iranian oil factory injures at least 10 people. 3. According to Iranian state media, the Iranian stock market will reopen next Tuesday. ② United States: 1. The USS Ford aircraft carrier returns to its home port in the United States. 2. Trump suggests the situation in Iran is "the calm before the storm." 3. The United States suspects Iranian hackers of infiltrating fuel monitoring systems at gas stations in multiple states. 4. Sources: The US and Israel may resume military operations against Iran as early as next week. ③ Israel: 1. Israeli military: One soldier was killed in fighting in southern Lebanon. 2. Israeli forces launched airstrikes on Hezbollah infrastructure in several locations in southern Lebanon. ④ Strait of Hormuz: 1. The conflict between the US, Israel, and Iran has led to a sharp decline in Iraqi crude oil exports. 2. Iran: A mechanism for managing the Strait of Hormuz is ready, and details will be released soon. 3. Iranian media: European parties have begun contacting the Revolutionary Guard regarding passage through the Strait of Hormuz. 4. According to Iranian media reports, Iran stated that shipping will return to normal after the unrest in the Strait of Hormuz ends. 5. US Central Command: As of May 16, 78 merchant ships have been redirected, and 4 have been intercepted and suspended to ensure compliance with the blockade measures. 6. According to Iran International Television: Iran has launched a new maritime insurance platform for ships transiting the Strait of Hormuz. Reports indicate the system provides digital insurance policies. ⑤ Ceasefire Negotiations 1. Pakistans Interior Minister visited Iran to discuss border security and other issues. 2. Trump: If a peace agreement cannot be reached, Iran will face a "very bad situation." ⑥ Other Situations 1. The current conflict between Israel and Lebanon has resulted in 2,969 deaths in Lebanon. 2. Pakistans Interior Minister visited Iran to discuss border security and other issues. 3. Gaza has been attacked several times in the past 48 hours, resulting in 13 deaths and 57 injuries. 4. British media: US officials are urging the UAE to seize the key Iranian island of Lawan. 5. The Strait of Hormuz crisis remains unresolved, and the US continues to suspend waivers for Russian crude oil sales. 6. Iranian media: Saudi oil production has fallen to its lowest level since 1990 due to the disruption in the Strait of Hormuz. 7. According to RIA Novosti: The Kremlin stated that Putin spoke by phone with the President of the UAE to discuss the Middle East and Iran.According to the Daily Mail, sources say British Prime Minister Keir Starmer has told close friends that he intends to resign and has developed a well-organized timetable for his departure.On May 17, British Columbia health officials reported on May 16 that a passenger from the cruise ship *Hundius*, who was quarantined in the province, tested positive for hantavirus in a preliminary test. British Columbias Chief Medical Officer of Health, Bonnie Henry, said the patient developed mild symptoms such as fever and headache two days prior and was subsequently hospitalized. Her preliminary hantavirus test on May 15 was positive. The patient is currently in isolation, and her test results still require confirmation by a microbiology laboratory. Her partner tested negative. Currently, 10 Canadian citizens are under quarantine due to the *Hundius* outbreak; four are in British Columbia for a 21-day quarantine, and the other six are in Alberta, Ontario, and Quebec.According to Israeli media reports, the massive explosion near Beit Shemesh, Israel, was a controlled industrial blast, with no casualties or property damage.

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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