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On May 9, Fed Chairman Williams said on Friday that uncertainty is high and will continue to exist for some time to come. "We are going through a moment of uncertainty and change," Williams said. "There is no doubt that uncertainty will continue to be the defining feature of the monetary policy landscape for the foreseeable future," Williams said. "This is a direct result of structural changes in the global economic environment, such as changes brought about by artificial intelligence, deglobalization, and innovation in the financial system." Williams did not comment on the economic outlook or monetary policy. He also said that the independence of the central bank can bring better results.May 9th, Federal Reserve officials responsible for implementing monetary policy said on Friday that the market responded well to market pressures last month as the Fed took steps to strengthen a key liquidity tool. "Although liquidity in the U.S. Treasury cash market became tight in early April, these markets continued to function normally, in part because of the resilience of funding liquidity in the U.S. Treasury repurchase market," said Roberto Perli, manager of the Federal Reserve Systems open market account. Markets performed well during this period of stress after the Trump administration announced large-scale trade tariffs, but Perry said the experience once again showed that it was necessary for the Federal Reserve to further explore how to provide rapid liquidity to the market. Perry said the Standing Repurchase Facility (SRF) will operate in the morning and afternoon in the "near future." He noted that "these early settlement auctions, combined with the current afternoon auctions, will increase the effectiveness of the SRF as a tool for monetary policy implementation and market operations."Market news: Hungary expelled two Ukrainian diplomats.Ukrainian President Zelensky: Ukraine will hold a meeting of leaders of the "Coalition of the Willing" on Saturday.New York Fed official: Markets and financing remained orderly during last months stress.

Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft

Jimmy Khan

Aug 24, 2022 15:25

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Before the cryptocurrency lender went bankrupt last month, Celsius Network LLC, according to a lawsuit filed on Tuesday by the company against a former investment manager, lost or stole assets worth tens of millions of dollars.


After Stone misrepresented himself as a pioneer in the industry, Celsius filed a case in Manhattan bankruptcy court accusing Stone and his business KeyFi Inc of "gross carelessness" and "extraordinarily poor" crypto investment.


Stone was "unable" to use cryptocurrencies profitably, according to Celsius, leading to losses of "several tens of millions of dollars."


He allegedly used stolen money to purchase hundreds of non-fungible tokens ("NFTs"), which he kept out of sight, and then hid his activities by using Tornado Cash, a cryptocurrency "mixer" that the U.S. Treasury Department banned on August 8 due to concerns that it could be used to launder the proceeds of cybercrime.


Six weeks after KeyFi sued Celsius in a Manhattan-based New York state court, the current case was filed on Tuesday.


It alleged that Celsius operated a Ponzi scheme, improperly handled client deposits, neglected to hedge investments, and defrauded Stone of possible compensation worth hundreds of millions of dollars.


According to court documents, Stone worked with Celsius for roughly seven months, concluding in March 2021.


Stone's attorney Kyle Roche said via email that Celsius CEO Alex Mashinsky had approved KeyFi's remuneration, which included NFTs.


The most recent filing by Celsius, according to Roche, "is an effort to rewrite history and make KeyFi and Mr. Stone the scapegoat for their organizational failure."


Each party feels the other is owed money, and both lawsuits aim to recover it as well as compensatory and punitive damages.


After halting withdrawals and transfers for its 1.7 million clients because to "extreme" market circumstances on July 13, Celsius, located in Hoboken, New Jersey, filed for Chapter 11 protection from creditors.


The cases are KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, No. 652367/2022; and Celsius Network Ltd. et al. v. Stone et al., U.S. Bankruptcy Court, Southern District of New York, No. 22-ap-01139.

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