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On May 14th, U.S. stocks closed lower. The Dow Jones Industrial Average initially closed down 0.1%, the S&P 500 rose 0.59%, and the Nasdaq Composite rose 1.2%, both hitting new closing highs. Micron Technology (MU.O) rose over 4%, Google (GOOG.O) rose nearly 4%, and Tesla (TSLA.O) and Nvidia (NVDA.O) both rose over 2%. The Nasdaq China Golden Dragon Index rose 3.9%, Baidu (BIDU.O) rose over 7%, and Alibaba (BABA.N) rose 8%.Chairman of the U.S. Commodity Futures Trading Commission (CFTC): Congratulations to Warsh on his confirmation as our next Federal Reserve Chairman. I look forward to working together to ensure that the United States continues to maintain its global leadership in the financial sector.On May 14th, U.S. Vice President Vance stated on Wednesday, "Regarding negotiations with Iran, I believe progress is being made. The focus is currently on diplomatic means, and I spoke this morning with Special Envoys Witkov and Kushner. The fundamental issue in the negotiations right now is whether we can make enough progress to meet the red line set by Trump. This red line is very simple. He needs to be convinced that we have sufficient safeguards in place to ensure that Iran will never possess nuclear weapons." Regarding the previously released CPI data, Vance said, "Last months inflation data was not ideal. The President, I, and the entire team are concerned about the financial situation of the American people."US Vice President Vance: The fundamental issue in the negotiations right now is whether we can make enough progress to meet Trumps red line. That red line is very simple. He needs to be convinced that we have sufficient safeguards in place to ensure that Iran will never possess nuclear weapons.Brazilian Minister of Energy, Silvera, called on distributors and gas stations to expedite the communication of the federal governments measures to consumers.

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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