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US Vice President Vance: Trump has mentioned lifting sanctions. He also talked about things like economic cooperation. But unless Iran makes a clear commitment to cease any activities that bring it closer to developing nuclear weapons, that wont happen.On April 9th, U.S. stocks closed higher on Wednesday. The Dow Jones Industrial Average rose 2.85%, the S&P 500 gained 2.5%, and the Nasdaq Composite climbed 2.8%. Intel (INTC.O) surged 11%, SanDisk (SNDK.O) climbed nearly 10%, Nvidia (NVDA.O) gained 2%, while Tesla (TSLA.O) bucked the trend, falling 1%. The Nasdaq China Golden Dragon Index rose 3%, and Alibaba (BABA.N) gained 4.6%.April 9th - Several market experts stated on Wednesday that although wholesale fuel prices have fallen somewhat after Trump announced a two-week ceasefire in the Iraq War, American consumers will still pay high prices for gas and airline tickets during the peak summer travel season. The drop in crude oil prices is unlikely to quickly alleviate pressure on gas station prices, and the fragile ceasefire has already shown cracks. Shon Hiatt, director of the Zage Energy Business Program at the USC Marshall School of Business, said, "There is still a lot of uncertainty surrounding the practical implications of the ceasefire and when and how fuel will be able to pass through the Strait of Hormuz again. In this situation, retailers will not significantly lower prices." He added that, in any case, retail fuel prices tend to rise much faster than they fall, as sellers need to digest high-priced inventory and avoid losses until future supply becomes more certain. GasBuddy analyst Patrick De Haan said, "If the situation stabilizes now, by this time next week, the average gasoline price across the US could fall by 5 to 10 cents per gallon." Alex Hodes, head of energy market strategy at StoneX, said that regardless of whether the ceasefire continues, insurance costs will be higher than pre-war levels, and ships will be cautious about passing through the waterway.US Vice President Vance: I wonder how good the Iranian parliament speakers English comprehension is.US Vice President Vance: Sanctions will not be lifted if Iran develops nuclear weapons.

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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