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On January 25th, Norwegian Prime Minister Støre stated on social media that US President Trumps recent remarks about NATO allies "disengaging from the front lines" in Afghanistan were "disrespectful." Trump had previously stated in an interview that while NATO allies were sending troops to Afghanistan, they were "somewhat backed out, somewhat detached from the front lines." Støre emphasized that all service members, fallen soldiers, and their families in Afghanistan deserve genuine and respectful treatment. He stated, "The US presidents remarks lack respect. I understand the strong reaction from veterans and their families."January 25th - At the start of the new year, Beijing announced several policies to support the development of high-tech and cutting-edge industries. The Beijing Municipal Bureau of Economy and Information Technology announced the compilation of the first batch of implementation guidelines for high-tech and cutting-edge industry development projects and SME support funds for 2026, aiming to ensure a good start and rapid development of high-tech and cutting-edge industries in 2026. The first batch of implementation guidelines focuses on the annual key tasks in the high-tech and cutting-edge industry sector, as well as the long-term industrial vision for the 15th Five-Year Plan period. It emphasizes four key aspects: promoting innovation, accelerating transformation, improving quality and efficiency, and fostering growth. The planned investment exceeds 1.5 billion yuan to support more than 10 key industries, including integrated circuits, biomedicine, materials and energy, information software, and the digital economy.January 25th - According to the European-Mediterranean Seismological Centre, a 5.0-magnitude earthquake struck the southeastern waters of Easter Island, Chile, at 16:40 local time on the 24th, with a focal depth of 10 kilometers. No tsunami warning has been issued so far.January 25th - It was learned on January 24th local time that a US official revealed the next round of trilateral talks between Russia, the US, and Ukraine is expected to be held on February 1st in Abu Dhabi, UAE. Earlier that day, the trilateral talks in Abu Dhabi concluded. Ukrainian President Zelenskyy stated that the days dialogue was broad in scope, the discussions were constructive, and the focus was on the conditions for ending the conflict.Ukrainian President Zelenskyy: Following several days of talks, all parties agreed to report to their respective capitals on all aspects of the negotiations and coordinate follow-up steps with their leaders. The military has drawn up a list of topics that may be discussed at the next meeting. If all parties are ready to move forward with the negotiations—and Ukraine is ready—the next meeting will be held, possibly as early as next week.

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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