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On March 19th, it was announced at a press conference held by the General Administration of Customs that, in order to further improve the level of supervision over imported food safety and facilitate trade in imported food, the General Administration of Customs recently revised and issued the "Regulations on the Registration Management of Overseas Production Enterprises of Imported Food of the Peoples Republic of China" and supporting implementation announcements. The relevant policies and measures will officially take effect on June 1, 2026. Li Jinsong, Director of the Import and Export Food Safety Bureau of the General Administration of Customs, stated that the new regulations place greater emphasis on implementing the "strictest standards" for food safety, strengthening source management and full-process supervision. At the same time, they fully consider the continuity with existing registration systems; currently registered enterprises worldwide will not only be unaffected in their imported food trade but will also receive greater convenience through the new regulations. Specifically, for registered enterprises other than those producing meat and meat products and birds nest and birds nest products, the validity period will be automatically renewed upon expiration.Libyas National Oil Corporation (NOC) said the fire at the Sharara oil field pipeline has been extinguished.March 19th - Fuel shortages are emerging in cities and rural areas across Japan, impacting everything from public transportation to agricultural production. The situation is exacerbated by the growing chaos caused by the war in Iran, which is permeating daily life. The import-dependent country relies almost entirely on Middle Eastern oil supplies, and the de facto closure of the Strait of Hormuz has had a particularly severe impact. Major refiner Idmitskovsan began reducing supplies to customers this week, and gasoline prices in the country surged 18% in the past week, reaching their highest level on record in 36 years. Some farmers have reported difficulty obtaining diesel fuel for tractors and other equipment before the planting season, which typically begins in April. Dealers have therefore limited sales and are seeking alternative sources of supply. Several suppliers have stated they have no inventory available for delivery.German container shipping company Hapag-Lloyd: Any change of flag still requires further consultation, internal assessment, commercial considerations, and approval of relevant legal and regulatory requirements.The China Earthquake Networks Center officially reported that a magnitude 3.4 earthquake occurred at 18:09 on March 19 in Shaya County, Aksu Prefecture, Xinjiang (41.06 degrees north latitude, 83.56 degrees east longitude), with a focal depth of 17 kilometers.

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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