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Fitch: The outlook for sovereign ratings in the Asia-Pacific region in 2026 is "neutral," reflecting its resilience.On December 8th, Chris Turner of ING Group stated in a report that ECB Executive Board member Schnabel hinted that the banks next interest rate move would likely be a rate hike rather than a cut, pushing the euro higher. Schnabel said she was reassured by market bets on a rate hike, although it was unlikely to happen in the near future. She also suggested that the ECB might raise its economic growth forecast at its December 18th meeting. Turner noted that these comments supported the euros early morning performance and are expected to further reduce the hedging costs paid by eurozone investors to protect against potential losses on dollar assets.Cambodias Information Minister: Four Cambodian civilians have died and nine others have been injured in the conflict with Thailand.On December 8th, Sihuan Pharmaceutical (00460.HK) announced that its non-wholly owned subsidiary, Xuanzhu Biotechnology, has included its independently developed innovative drug, piroxicillin tablets (trade name: Xuanyue Ning®), in the "National Basic Medical Insurance, Maternity Insurance and Work Injury Insurance Drug Catalog (2025)" for the first time. The 2025 National Basic Medical Insurance Catalog will officially take effect on January 1, 2026.On December 8th, Valerie Urbain, CEO of Euroclear, stated in an interview that the EU cannot obtain "free" funds from Euroclear because all of the institutions Russian assets are subject to legal claims. "The EU cannot obtain so-called free funds from Euroclear. These are Euroclears funds and are linked to repayment requests from the Central Bank of Russia," Urbain said in an interview published on Monday. She warned that if the EU insists on using frozen Russian assets, it will pose a real risk to financial stability. She also pointed out that the EUs proposed compensation loan is "completely unexplored territory" and has legal questions.

Lawsuit accuses troubled crypto lender Celsius Network of fraud

Skylar Shaw

Jul 08, 2022 14:54

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On Thursday, a former investment manager at Celsius Network filed a lawsuit against the cryptocurrency lender, alleging that it had frozen client funds and had rigged the price of its own cryptocurrency token using user contributions.


According to the lawsuit, Celsius engaged in "gross mishandling of client deposits" in order to enrich itself and deceived plaintiff KeyFi Inc, controlled by former manager Jason Stone, into delivering services worth millions of dollars while refusing to pay for them.


The complaint was filed in Manhattan's New York state court and demands both specific compensation and punitive damages; Celsius has not yet responded.


Stone's charges come after Celsius decided on June 12 to halt transfers and withdrawals for its 1.7 million clients due to "extreme" market circumstances.


Later, the Hoboken, New Jersey-based business recruited consultants to discuss a potential debt restructure that would include declaring bankruptcy.


While the cryptocurrency hedge fund went into liquidation late last month, the crypto lender Voyager Digital Ltd filed for bankruptcy protection this week.


Celsius guaranteed retail consumers disproportionate returns, up to 19% yearly.


However, Stone said that Celsius had trouble paying investors because it neglected to hedge its bets, leading to "severe" losses when the value of several currencies changed.


He also claimed that Celsius had a $100 million to $200 million hole in its records that it "could not completely explain or rectify" because certain deposits were recorded on a U.S. dollar basis even though clients were paid in bitcoin or other digital currencies.


The case filed on Thursday claims that Stone produced $838 million in profit for Celsius and KeyFi before expenses and overhead from August 2020 to March 2021 while mostly operating without a formal agreement, with KeyFi being entitled to 20% of net profit.


When it became apparent that the hedging difficulties "may be financially ruinous" for Celsius and harm KeyFi's image, Stone claims he ended the connection in March 2021. However, Stone claims that Celsius has refused to accept his resignation.


KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, is the name of the case.

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