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On August 22, the Colombian National Disaster Risk Management Agency issued an updated disaster report stating that the strong earthquake that struck the country recently has caused 329 deaths, 4,600 injuries, and 247 missing persons, with 364 people rescued. According to the China Earthquake Networks Center, a magnitude 7.5 earthquake struck northwestern Colombia on the evening of August 10 (morning of August 10 local time), with a focal depth of 80 kilometers. Thirty-two cities across Colombia were severely affected.On August 22, the second working meeting of the Organizing Committee of the 26th China International Fair for Investment and Trade (CIFIT) was held in Xiamen, Fujian Province. Ling Ji, Vice Minister of Commerce and Deputy Representative for International Trade Negotiations, and Zhao Zenglian, Vice Governor of Fujian Province, attended the meeting and delivered speeches. Representatives from relevant departments and member units of the CIFIT preparatory working group reported on the progress of their preparatory work. The meeting emphasized the need to closely adhere to the permanent theme of "Expanding Two-Way Investment and Promoting Global Development," deepen CIFITs functional positioning as a landmark exhibition for "Investing in China" and a public platform for global investment cooperation, further coordinate event arrangements, strengthen collaboration, enhance project matching, refine organizational support, improve media publicity, and enhance the quality and effectiveness of the event to ensure the 26th CIFIT achieves a new look and a new level of success.August 22nd - The APEC Customs and Business Dialogue concluded yesterday (August 21st). Reporters learned at the dialogue that Chinese customs has signed six bilateral agreements with relevant departments of several APEC economies, including Chile and South Korea, covering imported agricultural and food products such as instant noodles containing meat and fresh fruits.On August 22nd, experts stated that the price increase of domestically produced large-scale models is a correction to the long-standing inversion of inference computing power costs. In the short term, this is more like a recalibration of price and value. However, if manufacturers only raise prices without keeping up with stability and other aspects, users will vote with their feet, as the cost of replacing models is decreasing. Going forward, it is necessary to continuously monitor the dual verification of the price increase strategy: firstly, whether manufacturers have matched the price increase with new model capabilities, rather than simply raising the price of old models; secondly, it is necessary to pay attention to where the increased revenue is used, whether it has been used for computing power expansion and service capability building.On August 22, the Russian Ministry of Defense reported that on August 21, Russian forces continued their strikes against ports and vessels serving the interests of the Ukrainian Armed Forces. The report stated that Russian drones struck a military warehouse in the port of Leny; a Ukrainian naval patrol boat in the port of Chernomorsk; and port infrastructure used for storing military supplies in a southern port. Additionally, Russian forces seized control of a settlement in the Donetsk region. Ukrainian President Zelenskyy posted on social media on August 21 that Ukrainian forces launched long-range strikes in the early hours of the day, hitting two important Russian targets: an oil refinery and a military airfield. Ukraine also stated that it had achieved results on the Black Sea front, but did not disclose specific targets or the extent of damage.

Celsius Network Looks to Return Customer Funds, Reversing CEL Crypto Losses

Cory Russell

Sep 05, 2022 17:25

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One of the most widely watched stories in the cryptocurrency industry this year has been the story of The Celsius Network (CEL-USD) and its struggle with insolvency. It's a story that, like the 2008 financial crisis, warns of the risks of excessive leverage but is adjusted for the blockchain era. The company's refusal to sell off what is left and shut down operations is another fascinating aspect of the narrative.


By submitting a request to restart withdrawals, Celsius is taking another step toward a complete recovery today. The mostly struggling CEL cryptocurrency is continuing its recent recovery in reaction to the news by making some substantial gains.


The market was not gradually absorbed by the crypto winter. It was a flash freeze instead. Nobody was prepared, particularly the multitude of cryptocurrency investment firms that filed for bankruptcy only days after the market fall. These businesses, including Celsius, have obtained sizable loans from a number of DeFi lenders, numbering in the dozens or perhaps hundreds. They consistently missed margin calls as prices fell. Then, they each incurred debts totaling hundreds of millions of dollars.


Just after the crash started, Celsius gained notoriety for being one of the first platforms to prevent users from withdrawing their money. Investors did not at all agree with the decision, despite the fact that the action was said to be intended to safeguard consumers. Many claim that it caused more damage than benefit. Many investors were forced to watch their assets lose value rather than completely exiting them.


The Celsius Network ultimately managed to avoid bankruptcy until July, but only after paying back some of its biggest lenders. The business is not dissolving quietly. As Celsius crosses a milestone today, it seems that the company's plan is working.

Celsius Network: Filing a withdrawal increases CEL cryptocurrency

The Celsius Network unveiled a strategy in August to guide it through Chapter 11 bankruptcy. In essence, Celsius wants to utilize its subsidiary for crypto mining to pay off debt and become profitable again.


Even if this choice may be debatable, Celsius just received a presiding judge's blessing and is preparing to expand operations. According to today's news, Celsius is increasing the stakes by making user cash accessible. The ailing CEL cryptocurrency is benefiting greatly as a consequence.


The Celsius Network's third bankruptcy hearing took place on Thursday. The topic of client cash being frozen on the company's platform received a lot of discussion time. Clients and Celsius disagree on who should get their money back as quickly as possible. In particular, Celsius claims that in order to be eligible for quick withdrawal rights, a user must place their cash directly into custody as opposed to staking.


It is nonetheless significant that Celsius is starting to release part of the $225 million in frozen customer cash, regardless of who qualifies and on what grounds. In reality, the business filed its first document in the case yesterday. It is now attempting to release $50 million to custodial users in a move aimed primarily at individual investors. Only accounts with assets totaling less than $7,575 are eligible to get withdrawal privileges from the firm.


This revelation has pleased investors, as seen by the CEL cryptocurrency prices. At the time of Celsius' bankruptcy filing, CEL was trading for roughly 70 cents. The cryptocurrency started to make a recovery around the end of August before plunging once again. However, a nearly 30% increase in the past day has helped push prices back up to the $1.50 level. The pump is being aided by soaring volume, which has increased by more than 120% in the last 24 hours.

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