Celsius Network Coin Report Shows $2.85 Billion Balance Gap: Finance Redefined

The majority of DeFi tokens traded red, with several posting double-digit losses over the past week.

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) news – a newsletter designed to bring you significant developments over the past week.

Last week, Celsius' financial troubles escalated even further, as a new coin report showed the company had a balance gap of $2.85 billion, more than double what she had shown during the bankruptcy filing. Aave (AAVE) has called on community members to engage with the Ethereum proof-of-stake (PoS) merger.

The CEO of Coinbase says the exchange would rather cut its staking services than implement on-chain censorship in the form of regulatory compliance. The crypto market saw another drop this week as the Acala ecosystem saw its native stablecoin lose its peg.

With a sudden drop in price towards the end of the week, the majority of DeFi tokens recorded a sea of ​​red, falling in double digits on the weekly charts.

Celsius Network Coin Report Shows $2.85 Billion Balance Gap

A new bankruptcy coin report filed on August 14 shows the troubled crypto lender Celsius’ actual debt stands at $2.85 billion compared to its bankruptcy filing for a deficit of 1. $2 billion.

The latest report shows that the company has net liabilities worth $6.6 billion and total assets under management of $3.8 billion. When it filed for bankruptcy, the company posted approximately $4.3 billion in assets versus $5.5 billion in liabilities, resulting in a deficit of $1.2 billion.