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Conflict Details: 1. Russian Ministry of Defense: Russian forces occupied Komishuvakha in eastern Ukraine. 2. The Ukrainian military said it attacked oil refineries in Krasnodar and Syzran at night. 3. The Ukrainian Air Force said Russia launched 537 drones and 45 missiles during the nighttime attacks. 4. Russian Ministry of Defense: Russia attacked Ukrainian businesses, rocket and aviation facilities, and military airfields at night. 5. The regional governor stated that Russias attack on Zaporizhia, Ukraine, resulted in one death and at least 24 injuries. 6. Russian Chief of the General Staff Gerasimov: Russian forces are continuing their offensive along all fronts, and the task of establishing a buffer zone along the border between the Ukrainian Sumy and Kharkiv regions is progressing smoothly. 7. Russia and Ukraine are engaged in fierce battles over the key cities of Krasnodar (also known as Pokrovsk in Ukraine) and Konstantinovka in the Donetsk region. Other Developments: 1. Hungarian Foreign Minister: The European Commission has become a "Ukrainian Commission," representing the interests of Ukraine, not those of an EU member state. 2. EU High Representative for Foreign Affairs and Security Policy Kallas stated that the return of frozen Russian assets to Russia is unthinkable unless Russia pays war reparations for Ukraine. 3. Ukrainian President Zelensky stated that Moscow exploited the lead-up to the summit to launch the attack and called for energy and banking sanctions. 4. Russian Chief of the General Staff Gerasimov stated that Russia controls 99.7% of Ukraines Luhansk region, 79% of the Donetsk region, 74% of the Zaporizhia region, and 76% of the Kherson region. 5. EU High Representative for Foreign Affairs and Security Policy Kallas stated that EU countries have been asked to submit proposals for new sanctions against Russia next week.On August 31, officials of the Yemeni Houthi armed forces issued a statement saying that the group is ready to confront Israel after Israel launched an airstrike in Sanaa on Thursday, killing a senior official.On August 30th, local time, Hungarian Foreign Minister Peter Szijjarto stated after the EU Foreign Ministers meeting in Copenhagen that the EU and most of its member states are not interested in achieving peace and will continue to provide funding and arm Ukraine. The European Commission is acting as a "Ukrainian Commission," representing Ukraines interests rather than those of EU member states.On August 30, Russia and Ukraine engaged in a fierce battle over the Donetsk regions key cities of Krasnaya Zvezda (known as Pokrovsk in Ukraine) and Konstantinovka on August 29. The Russian Ministry of Defense released a video on the 29th claiming Russian forces used Grad rockets to strike Ukrainian positions in the direction of Krasnaya Zvezda. The Russian news agency TASS also released a video claiming Russian forces launched strikes against Ukrainian targets near Konstantinovka.Kocher, the incoming ECB board member, said: It is crucial to avoid repeated swings in interest rate decisions.

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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