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xAI: SpaceX AI has signed an agreement with Anthropic to provide access to Colossus1.An Iranian Foreign Ministry spokesman said that Tehran’s response to the U.S. 14-point proposal regarding Iran has not yet been conveyed to Pakistan.On May 6, advisory firm SOC Investment Group urged the U.S. Securities and Exchange Commission (SEC) to investigate SpaceXs financial situation ahead of its potential IPO, which could value the company at over $2 trillion. The firm stated that SpaceXs relationships with other companies under Elon Musks umbrella are concerning. According to a letter dated May 6 and filed with the SEC, SOC requested the SEC review the accuracy and reliability of SpaceXs financial disclosures and ensure the independence of SpaceXs auditors. SOC also urged the SEC to focus on the accounting treatment of transactions between SpaceX and Musks other companies. The letter stated, "We are particularly concerned that SpaceXs IPO will expose a significant number of investors to a company whose value may decline after its financial disclosures have been independently reviewed and verified."May 6th - According to a foreign media survey, OPECs crude oil production fell to a 36-year low last month as the ongoing war with Iran continues to hamper Persian Gulf exports and force more oil fields to shut down. The survey shows that OPECs crude oil production fell by 420,000 barrels per day in April to 20.55 million barrels per day, the lowest level since 1990, mainly dragged down by further declines in production from Kuwait and Iran. The survey shows that Kuwait saw the largest drop in production last month, with daily output falling by 470,000 barrels to 800,000 barrels per day, less than a third of pre-war levels. The countrys exports have fallen to only 22,000 barrels per day. Iran followed, with production falling by 180,000 barrels per day to 3.05 million barrels per day, more than doubling the cumulative reduction since the start of the war. OPEC also suffered another blow last week. The United Arab Emirates announced its withdrawal from the organization, after years of friction with the organizations leader, Saudi Arabia, over production limits. The April survey still included UAE data because the UAEs withdrawal only officially took effect on May 1st.On May 6th, St. Louis Federal Reserve President Mohamed Mussaleem stated that there is significant uncertainty regarding the outlook for the U.S. economy and monetary policy, but he believes that the risks to inflation are currently rising compared to the risks to employment. Mussaleem said on Wednesday, "Inflation is significantly above our 2% target level. We face risks on both the employment and inflation fronts. As I understand it, the risks are tilting more towards inflation than towards employment." Mussaleem stated that the Feds benchmark policy rate is currently at a neutral level that neither stimulates nor inhibits the economy, or may be slightly accommodative. He said, "There are very reasonable scenarios that would require us to maintain the current policy rate unchanged for some time." However, he also noted that he sees scenarios that might require officials to further cut or raise interest rates.

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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