Celsius Network coin report shows a balance gap of $2.85 billion: Finance Redefined

cointelegraph.com:

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.

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.

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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