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Deutsche Bank: It expects the Federal Reserve to raise interest rates by 25 basis points in March 2027, having previously predicted rate hikes in September and December 2026.September 14th - According to the Financial Times, soaring oil prices will prompt a renewed debate within the Bank of England regarding whether to raise interest rates before the end of the year. Policymakers are preparing to meet later this week. The Monetary Policy Committee will convene to discuss key interest rates and the pace of balance sheet reduction. Meanwhile, a bond market sell-off is putting increasing pressure on Prime Minister Andy Burnhams government, with the budget due on October 28th. Market pricing indicates less than a one-in-three chance of a rate hike at Thursdays September policy meeting. However, renewed escalation of the Middle East conflict driving up energy prices, accelerating inflation, and relatively robust UK GDP growth are likely to intensify the internal debate within the Bank of England about how long the key interest rate can be maintained at 3.75%. Deutsche Bank economist Sanjay Raja stated, "The Bank of Englands patience may be running out, and the reasons for remaining on hold are slowly waning."On September 14th, according to The Daily Telegraph, former British Prime Minister Boris Johnson was traveling on a train from Ukraine to Poland when a Russian drone attacked a nearby railway line. Johnson was reportedly unharmed. According to the Ukrainian state-owned railway company Ukrzaliznytsia, former CIA Director David Petraeus was also on another train at the station where the attack occurred. Former Swedish Prime Minister Carl Bildt was also on the private train, traveling with other European diplomats. He stated that they were informed of the Russian drone attack on the following train. Ukrainian authorities stated that the attacked train was carrying 206 passengers. According to Ukrainian railway officials, the attack site was only 2 kilometers from the Polish border. This has raised concerns that Russian attacks are increasingly approaching NATO territory.September 14 - According to Reuters, Omans Energy Minister stated, "The Strait of Hormuz will be open. The current situation is likely only short-term. I am pleased that Oman can continue to produce oil and gas. Soaring oil and liquefied natural gas prices are unsustainable for everyone. The situation should stabilize in the medium term. We need to diversify export routes and identify alternative export options, whether through Oman or Yemen."Omans Energy Minister: We need to diversify export routes and find alternative export options, whether via Oman or Yemen.

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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