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On April 21, it was learned from the Anhui Provincial Key Laboratory of Quantum Computing Chips that Chinas third-generation domestically developed superconducting quantum computer, "Origin Wukong," has initially acquired the capability to integrate artificial intelligence computing and has launched several quantum AI tools, including the quantum knowledge model Origin Brain and QPanda3 Runtime MCP. This breakthrough marks the first time that my countrys independent quantum computing power has been systematically integrated into the AI application ecosystem, propelling my countrys domestically developed quantum computers from "usable" to "easy to use."On April 21, South Koreas newly appointed central bank governor stated that he will adopt a cautious and flexible monetary policy strategy. Currently, rising oil prices are exacerbating inflationary pressures and casting a shadow over the economic growth outlook. On Tuesday, Shin Hyun-song, who succeeded Lee Chang-yong, stated that it is necessary to re-examine the central banks role from a longer-term perspective. He pointed out that structural issues such as demographic changes, inequality, and the real estate market should be considered important components of monetary policy. The new governor stated that the economy is currently facing increasing uncertainty due to the ongoing Middle East crisis. At the same time, rising global energy prices have increased the upside risks to inflation, while the downside risks to economic growth are also increasing. In his inaugural address, he stated, "Due to the supply shocks triggered by the Middle East conflict, uncertainty regarding the path of inflation and economic growth has increased significantly." He pledged to implement monetary policy "in a prudent and flexible manner" to ensure price and financial stability.JPMorgan Chase: Raises its year-end 2026 target for the S&P 500 to 7,600, up from 7,200 previously.On April 21, the Japanese government formally revised its "Three Principles on the Transfer of Defense Equipment" and its application guidelines at a cabinet meeting, allowing the export of lethal weapons in principle. Meng Mingming, assistant researcher at the Institute of Japanese Studies, Chinese Academy of Social Sciences, pointed out that Japans relaxation of arms export restrictions represents a significant shift in its postwar military and security policy. In reality, it is another strategic step by right-wing forces to promote "normalization," and its intentions and potential harms warrant high vigilance. Meng Mingming noted that, in terms of intentions, Japans current economic downturn, high fiscal deficit, severe aging population, and long-term limitations on military production capacity clearly contradict the ambitions of the Japanese right wing to revive militarism and actively expand its military. Therefore, the Japanese government plans to achieve multiple objectives by strengthening its arms export policy. In terms of harms, this relaxation of restrictions on the export of various lethal weapons will fundamentally impact Japans postwar principle of exclusively defensive defense. For Sino-Japanese relations and regional peace, the vast majority of countries to which Japan intends to export weapons are Chinas neighboring countries. By upgrading the weaponry of these countries, Japan is actually bolstering the confidence of anti-China forces within these countries, which will only further exacerbate regional tensions.April 21 – According to the China Railway Urumqi Group Co., Ltd., the railway transportation period for this years May Day holiday will run from April 29 to May 6, a total of 8 days. Xinjiang railway authorities expect to transport 1.7996 million passengers, a 2% increase year-on-year, and plan to add a total of 302 temporary passenger trains. Among them, 30 temporary passenger trains will be for inter-provincial routes to Chengdu West and Lanzhou, and 272 will be for routes within Xinjiang.

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.