Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.
This past week, Celsius’s financial troubles mounted further as a new coin report showed the company had a balance gap of $2.85 billion, more than double what it had shown in the bankruptcy filing. Aave (AAVE) called upon community members to commit to the Ethereum proof-of-stake (PoS) Merge.
Coinbase CEO said the exchange would rather wind down its staking services than implement on-chain censorship in the form of regulatory compliance. The crypto market saw another depeg this week, with the Acala ecosystem seeing its native stablecoin lose the peg.
With a sudden price drop toward the end of the week, the majority of the DeFi tokens registered a sea of red, falling in double digits on the weekly charts.
Celsius Network coin report shows a balance gap of $2.85 billion
A new bankruptcy coin report filed on Aug. 14 shows that troubled crypto lender Celsius’ actual debt stands at $2.85 billion against its bankruptcy filing claims of a $1.2 billion deficit.
The latest report shows that the company has net liabilities worth $6.6 billion and total assets under management at $3.8 billion. While in their bankruptcy filing, the firm has shown around $4.3 billion in assets against $5.5 billion in liabilities, representing a $1.2 billion deficit.
Coinbase would rather shut down staking than enable on-chain censorship — Brian Armstrong
In light of the recent ban on crypto mixing tool Tornado Cash and the subsequent arrest of the Tornado Cash developer, there has been a growing debate over whether crypto services providers would choose decentralization or censorship as a form of compliance.
When asked whether Coinbase and others would choose to adhere to compliance requests and impose protocol-level censorship or shut down staking services, Brain Armstrong, the CEO of Coinbase, chose the latter.
Another depeg: Acala trace report reveals 3B aUSD erroneously minted
High-profile security incidents continue to be a theme in 2022, with the Acala network joining a long list of stricken platforms to fall prey to exploits.
The Acala USD (aUSD) token, which acts as a native stablecoin for the Polkadot and Kusama blockchains, saw its value plummet 99% after a misconfiguration of the iBTC/aUSD liquidity pool was exploited after its launch on Aug. 14. Initial estimates from…
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