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The yield on Japans two-year government bonds fell 1.0 basis point to 1.345%.On March 31st, Zhengzhou rapeseed meal futures opened higher but then fluctuated downwards. Canadian canola futures closed higher, with the benchmark contract rising 1.00%, following the upward trend in international crude oil futures. Rapeseed meal spot prices fell slightly, with overall demand remaining weak. In major producing areas like South China, seedling planting has not yet commenced on a large scale, and feed companies are generally adopting a low-inventory strategy, only maintaining rigid restocking, resulting in rapeseed meal deliveries from oil mills remaining at a relatively low level of 0.91 million tons. In the short term, rapeseed meal prices are expected to fluctuate with a slightly bearish bias.On March 31, the Ministry of Finance released the 2026 central government budget. Among the central governments expenditures this year, science and technology expenditures are budgeted at 426.42 billion yuan, a 10% increase compared to the 2025 actual expenditure (387.7 billion yuan). This is significantly higher than the average growth rate of central government expenditures (5.5%), and also the highest growth rate among the major categories of central government expenditures exceeding 100 billion yuan. In 2012, central government expenditures on science and technology first exceeded 200 billion yuan (approximately 221 billion yuan), and in 2018, this expenditure first exceeded 300 billion yuan. This year, central government expenditures on science and technology are expected to exceed 400 billion yuan for the first time, accounting for approximately 9.4% of total central government expenditures. In the 2026 central government budgets investment expenditure table released by the Ministry of Finance, science and technology expenditures are budgeted at approximately 8.29 billion yuan, a 93.7% increase compared to last years actual expenditure, of which basic research is budgeted at approximately 8.04 billion yuan, an increase of 186.6%.According to the Financial Times, British chip startup Fractile is seeking to raise $200 million to challenge Nvidia (NVDA.O).The yield on 20-year Japanese government bonds fell 5.0 basis points to 3.255%.

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.