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On January 29th, the Ministry of Commerce held a regular press conference. At the Ministry of Commerces regular press conference on December 25th last year, it was reported that TikTok had signed agreements with three investors to establish a new TikTok US joint venture to ensure its continued operation in the US. What is the spokespersons comment on this? He Yongqian stated that, in order to implement the important consensus reached during the phone call between the leaders of China and the US, the economic and trade teams of both sides had previously reached a basic framework consensus on properly resolving issues such as TikTok through cooperation, based on mutual respect and equal consultation. The Chinese government hopes that companies will reach solutions that comply with Chinese laws and regulations and balance interests. It hopes that the US will work with China in the same direction, earnestly fulfill its corresponding commitments, provide a fair, open, transparent, and non-discriminatory business environment for the continued and stable operation of Chinese companies in the US, and promote the stable, healthy, and sustainable development of China-US economic and trade relations.On January 29th, Richard Flynn, Managing Director of Charles Schwab UK, noted in a report that unless there is a substantial shift in inflation or labor market dynamics, the Federal Reserve is likely to maintain its data-driven approach until at least May 2026. However, he stated that this is an extraordinary period for US monetary policy. "The increasingly open struggle between monetary independence and fiscal power makes the Feds institutional credibility a more acute focus," he pointed out. Flynn stated that this independence remains the cornerstone of global confidence in the dollar, US Treasuries, and the broader US capital markets.On January 29th, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. It was reported that China has approved the import of the first batch of Nvidias H200 AI chips. Can the Foreign Ministry confirm this? What signal does this send to China-US relations? "We have responded to relevant questions on multiple occasions. For specific questions, we suggest inquiring with the relevant Chinese authorities," Guo Jiakun said.On January 29th, JPMorgan Chase issued a research report stating that New Oriental Education & Technology Group Co., Ltd. (09901.HK) reported better-than-expected results for its second fiscal quarter of 2026, leading to an upward revision of its guidance for the first time in two years. Managements optimistic outlook prompted the bank to raise its operating profit forecasts for fiscal years 2026 and 2027 by 7%. The report indicated that New Oriental has returned to a high-quality compound growth trajectory and is expected to continue exceeding expectations and raising guidance. The bank reiterated its "Overweight" rating and top pick status for New Oriental, raising its target price from HK$53 to HK$55.The Norwegian Petroleum Fund: As of December 31, the funds total market value was 21.268 trillion Norwegian kroner.

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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