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On April 25, Iranian President Pezechzian posted on his personal social media account that the day marked the anniversary of the "Tabas incident," and stated that a similar incident had occurred again this year in southern Isfahan. Pezechzian said he hoped these "historic setbacks" would "sound an alarm for hegemonists."On April 25, the Chinese Embassy in Mali issued a notice advising Chinese citizens against traveling to Mali. The notice stated that the General Staff of the Malian Armed Forces issued a statement on the 25th, saying that several military facilities and camps in Mali, including the capital Bamako, were attacked by unidentified terrorist organizations early that morning. Fighting is still ongoing. Bamako International Airport has been temporarily closed. The embassy reminds Chinese citizens in Mali to be vigilant, closely monitor the security situation, stay away from dangerous areas, and avoid unnecessary travel. In case of emergency, remain calm, prioritize personal safety, and contact the police and the Chinese Embassy in Mali immediately after ensuring your own safety.On April 25, Iranian President Peskov stated during a visit to the Ministry of the Interior and a video conference of provincial governors that the attacks and blockades targeting infrastructure by hostile forces in Iran are intended to incite public discontent, and Iran must prevent this from being achieved. In his speech, he thanked local officials for their work and called on the public to conserve electricity and reduce energy consumption. He stated that while other sacrifices may not be necessary at present, it is essential to strengthen control over electricity and energy use.On April 25, Irans Tasnim News Agency quoted a spokesperson for the central headquarters of the Iranian Armed Forces, Hatam Anbia, as saying that if the US military continues its blockade, looting, and piracy activities in the region, it will inevitably face a response from Irans powerful armed forces.According to Saudi Arabias Al Arabiya TV, Iranians prefer to negotiate with US Vice President Vance.

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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