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Iran says it struck Israeli radar centers and airports on Saturday.The Israeli military has confirmed that Iran launched a missile.On March 29th, the Guangdong Provincial Administration for Market Regulation, in conjunction with the Guangzhou Municipal Administration for Market Regulation, held a symposium for platform enterprises. The meeting focused on issues such as regulating fair and rational competition in the platform economy, providing administrative guidance to platform enterprises, and jointly proposing implementation measures. The meeting pointed out that Guangdong Province and Guangzhou City, leveraging their traditional industrial advantages, have a large number of operators and significant business volume on leading platforms nationwide. Platform rules are crucial for the operation and development of small and micro-sized businesses. The meeting encouraged platforms to take effective measures to strengthen compliance, improve compliance levels, and focus on innovative, standardized, and win-win development. Efforts should be made to continuously strengthen compliance in areas such as regulating competitive behavior, respecting merchants independent operating rights, implementing quality grading and control, protecting the rights and interests of small and micro-sized businesses, empowering the incubation of high-quality brands, and protecting the legitimate rights and interests of consumers. This will jointly resist "involutionary" competition, promote high-quality development of the industry, and drive out inferior players with superior ones.March 29th - With the Iraq War nearing its one-month mark, shipping through the Strait of Hormuz continues to be disrupted, disrupting the global energy supply system and causing international oil prices to soar. Wan Zhe, a professor of economics at Beijing Normal University, stated that firstly, global inflation faces a full-scale rebound, and rising oil prices will be transmitted along the entire industrial chain. Costs across all industries, including energy, food, transportation, and chemicals, will surge, with economies highly dependent on energy imports, such as Europe, Japan, and India, facing even greater pressure. The US is a net energy exporter, but inflationary stickiness may become completely entrenched, putting the Federal Reserves monetary policy in a dilemma. Currently, the average price of gasoline in the US has surged by more than 30% in three weeks, directly reversing the previous downward trend in inflation and completely altering market expectations for interest rate cuts. A prolonged high-interest-rate environment will directly suppress the US real estate market, corporate financing, and stock market valuations. Especially this year is a US midterm election year, and gasoline prices are one of the most sensitive livelihood indicators for American voters. For global economic growth, there will be a slowdown, as high oil prices directly erode disposable income, squeeze non-energy consumption, and also increase production costs for businesses.On March 29th, the Victorian government announced in an email that residents of the state would not have to pay for public transport for one month, starting March 31st. The Tasmanian government stated in a press release that it would waive bus and ferry fares from March 30th to July 1st. Australia faces a significant risk to fuel supplies, with hundreds of petrol stations reporting fuel shortages and disruptions occurring in agriculture and mining. Australian Prime Minister Albanese reassured anxious households and businesses on Friday that short-term supplies were secure.

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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