GM, this is The Crypto Explorer, the only newsletter with headlines so hot our writer can't stand the heat! 🥵

Here’s what we got for you today:

• 💃 Celsius Network Reaches Settlements to Refund Customers!

• 🤯 Russia's CDBC Debuts August 1.

• 🧱 Around The Block: Binance and CEO Changpeng Zhao intend to seek dismissal of CFTC complaint.

💃 Celsius Network Reaches Settlements to Refund Customers!

Celsius Network will soon be able to return customer funds!

In mid-July 2022, the company filed for bankruptcy, leading to an extensive and drawn-out bankruptcy proceeding.

But alas, the end is near!💃

Celsius Network has reached “two settlements” to return customer assets and end its proceedings.

• Eligible account holders are being offered 105% of their scheduled claim.

• Customers who borrowed funds through “Earn” could receive a portion of their funds in crypto assets, along with a compensation in shares of the new company emerging from the bankruptcy proceedings.

It's important to note that individual account holders still have the option to pursue individual claims against the bankrupt lender should they choose to opt out of the settlement.

The settlements will be analyzed at another hearing scheduled for August 10.

🤯 Russia’s CBDC Debuts August 1.

Russia is set to roll out a digital ruble (CBDC project) next week!

The Russian government first began exploring the digital ruble in October 2020, and began piloting the system with Russian banks in February 2022.

And now, it’s been approved by Russian President Vladimir Putin.

Surprising right? Well, maybe not!

Europe will discuss the implementation of its CBDC in October, so Russia is just the first one, we guess.🤷

CBDC are coming; for better or worse❗❗❗

Here’s what you need to know about Russia’s CBDC:

• The use of the currency is purely optional.

• Citizens can use the currency starting August 1.

• Accounts for the digital ruble will be directly managed by Russia's central bank.

• The digital ruble will be programmable to enforce transaction limits and restrictions on spending. (A feature which has been criticized by politicians in Western nations like the United States and Canada).

Now, here’s a sharp contrast:

Russia has already banned the use of private cryptocurrencies for domestic payments, allowing their use solely for cross-border trade.

Fingers crossed that this changes in the near future.🤞

Read the full story here.

🧱 Around The Block: Binance and CEO Changpeng Zhao intend to seek dismissal of CFTC complaint.

• 🚨Dismissal: Binance and CEO Changpeng Zhao intend to seek dismissal of CFTC complaint.

• 📉Volatility Index: Deribit's Bitcoin volatility index hits lifetime lows, hinting sideways action.

• 👺Hack: Crypto Platform Alphapo Hacked, $23 Million Worth of Cryptocurrency Stolen.

• ⚖️Ripple Lawsuit: SEC Says XRP Ruling in Ripple Case 'Wrongly Decided' — Signals Appeal.

That's all we've got for you today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be NEW”