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On April 18th, Federal Reserve Governor Waller stated that he is cautious about the need for interest rate cuts in the near term due to the energy shock caused by the war with Iran, and warned that the conflict could have a lasting impact on inflation. In his speech, Waller outlined two main scenarios. In the first scenario, if the Strait of Hormuz reopens and trade flows return to normal, officials will be able to ignore the surge in energy prices and shift their focus later this year to the weak labor market. He stated that if this scenario occurs, "I think one prospect is that underlying inflation will continue to decline toward the 2% target, which would make me cautious about cutting rates now and more inclined to support the labor market through rate cuts later this year when the outlook is more stable." However, he warned that oil prices and the overall market are underestimating the risks of a prolonged conflict. "On the inflation front, the risk is that the longer the conflict lasts and the longer energy prices remain high, the greater the likelihood that these high prices will permeate into other prices, as businesses will factor in the high costs of energy inputs when pricing." He stated that if this scenario occurs against the backdrop of a weak labor market, it will limit policy options. In this scenario, he would weigh the risks of higher inflation against a weaker labor market. "If the risks of inflation outweigh the risks of the labor market, it could mean keeping the policy rate in its current target range."Bank of Canada Governor Macklem: High energy costs are squeezing consumer and business investment. We will not allow rising energy prices to translate into sustained inflation.Bank of Canada Governor Macklem: We do not want to raise interest rates too early, but we are aware of the associated risks.Bank of Canada Governor Macklem: There remains “considerable uncertainty” regarding the continued impact on tanker shipping.Federal Reserve Governor Waller: Overall PCE inflation in March is likely to reach 3.5% year-on-year.

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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