EUR/USD 1.17460
0.199%
Gold 4722.24
0.751%
Oil 91.845
-2.993%
USD/JPY 156.778
-0.096%
GBP/USD 1.35855
0.259%
GBP/JPY 212.994
0.174%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Spains unadjusted industrial production rose 2.1% year-on-year in March, compared with a previous reading of -1.30%.Spains seasonally adjusted industrial production rose 1.8% year-on-year in March, revised from -1.10% to -0.9% in the previous month.May 8th - According to the National Development and Reform Commission (NDRC), the domestic refined oil price adjustment window will open at 24:00 on May 8th. According to the NDRC Price Monitoring Center, during this round of refined oil price adjustment cycle (24:00 on April 21st to 24:00 on May 8th), international oil prices initially rose and then fell. Starting at 24:00 on May 8th, domestic gasoline and diesel prices will increase by 320 yuan and 310 yuan per ton respectively. On average nationwide, the price of 92-octane gasoline, 95-octane gasoline, and 0-grade diesel will increase by 0.25 yuan, 0.27 yuan, and 0.27 yuan per liter respectively. Filling a 50-liter tank with 92-octane gasoline will cost an extra 12.5 yuan.Switzerlands consumer confidence index for April will be released in ten minutes.May 8th - Rising oil prices have made inflation a more pressing concern for the Federal Reserve recently. However, the employment-related aspect of its dual mandate is also worth noting, given the recent volatility in non-farm payroll reports. Therefore, the April jobs report is a crucial economic indicator to watch closely. For example, the U.S. added 160,000 jobs in January, but lost 133,000 in February. March saw a rebound with 178,000 new jobs. Overall, the U.S. is projected to add 205,000 jobs by March 2026, averaging 68,000 per month. David Payne, economist and journalist at The Kiplinger Letter, stated, "These figures suggest that despite slow labor force growth, U.S. job growth remains strong."

Lawsuit accuses troubled crypto lender Celsius Network of fraud

Skylar Shaw

Jul 08, 2022 14:54

微信截图_20220708144808.png


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.

Suggestion