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On April 7th, Futures News reported that soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Monday, with the benchmark contract rising 1.5%, mainly due to active arbitrage trading between soybean oil and soybean meal, and a firm rise in international crude oil futures. A moderate rise in international crude oil futures on Monday, coupled with active oil-meal arbitrage trading, boosted the soybean oil market. Iran rejected the US proposal to immediately reopen the Strait of Hormuz in exchange for a 45-day ceasefire, demanding a permanent ceasefire, the lifting of sanctions, war reparations, and a new arrangement for the governance of the strait. Trump responded that Irans demands were "not good enough, but its an important step forward." Trump also stated that he would not postpone Tuesdays deadline for Iran to open the Strait of Hormuz, otherwise he would launch military strikes against its power plants and bridges.Japanese Finance Minister Satsuki Katayama: There is no problem with oil reserves; the problem lies in our ability to support our Southeast Asian partners.Japanese Finance Minister Satsuki Katayama: The amount needed to continue subsidies to control gasoline prices has not yet been estimated.Japanese Finance Minister Satsuki Katayama: G7 finance ministers and central bank governors agree that sharp fluctuations in oil prices are causing high volatility in financial and foreign exchange markets.1. The three major U.S. stock indexes closed slightly higher. The Dow Jones Industrial Average rose 0.36% to 46,669.88 points, the S&P 500 rose 0.44% to 6,611.83 points, and the Nasdaq Composite rose 0.54% to 21,996.34 points. Boeing rose nearly 2%, and American Express rose more than 1%, leading the Dow Jones gains. The Wind U.S. Tech Seven Giants Index rose 0.42%, with Amazon and Google rising more than 1%. The Nasdaq China Golden Dragon Index fell 0.21%, with BaWangChaJi rising more than 3% and iQiyi falling more than 4%. 2. Major Asia-Pacific stock indexes closed higher across the board. The Nikkei 225 rose 0.55% to 53,413.68 points. The South Korean KOSPI rose 1.36% to 5,450.33 points. The Indian SENSEX 30 rose 1.07% to 74,106.85 points. 3. The WTI crude oil futures contract closed up 0.96% at $112.61 per barrel; the Brent crude oil futures contract rose 0.61% to $109.7 per barrel. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.08% to $4676.10 per ounce, and COMEX silver futures fell 0.15% to $72.81 per ounce. 5. US Treasury yields were mixed. The 2-year Treasury yield rose 2.06 basis points to 3.850%, the 3-year Treasury yield rose 0.57 basis points to 3.874%, the 5-year Treasury yield was unchanged at 3.983%, the 10-year Treasury yield fell 1.00 basis point to 4.333%, and the 30-year Treasury yield fell 2.35 basis points to 4.886%.

Lawsuit accuses troubled crypto lender Celsius Network of fraud

Skylar Shaw

Jul 08, 2022 14:54

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On Thursday, a former investment manager at Celsius Network filed a lawsuit against the cryptocurrency lender, alleging that it had frozen client funds and had rigged the price of its own cryptocurrency token using user contributions.


According to the lawsuit, Celsius engaged in "gross mishandling of client deposits" in order to enrich itself and deceived plaintiff KeyFi Inc, controlled by former manager Jason Stone, into delivering services worth millions of dollars while refusing to pay for them.


The complaint was filed in Manhattan's New York state court and demands both specific compensation and punitive damages; Celsius has not yet responded.


Stone's charges come after Celsius decided on June 12 to halt transfers and withdrawals for its 1.7 million clients due to "extreme" market circumstances.


Later, the Hoboken, New Jersey-based business recruited consultants to discuss a potential debt restructure that would include declaring bankruptcy.


While the cryptocurrency hedge fund went into liquidation late last month, the crypto lender Voyager Digital Ltd filed for bankruptcy protection this week.


Celsius guaranteed retail consumers disproportionate returns, up to 19% yearly.


However, Stone said that Celsius had trouble paying investors because it neglected to hedge its bets, leading to "severe" losses when the value of several currencies changed.


He also claimed that Celsius had a $100 million to $200 million hole in its records that it "could not completely explain or rectify" because certain deposits were recorded on a U.S. dollar basis even though clients were paid in bitcoin or other digital currencies.


The case filed on Thursday claims that Stone produced $838 million in profit for Celsius and KeyFi before expenses and overhead from August 2020 to March 2021 while mostly operating without a formal agreement, with KeyFi being entitled to 20% of net profit.


When it became apparent that the hedging difficulties "may be financially ruinous" for Celsius and harm KeyFi's image, Stone claims he ended the connection in March 2021. However, Stone claims that Celsius has refused to accept his resignation.


KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, is the name of the case.

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