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According to Irans Mehr News Agency, a missile attack occurred in northern Tehran, resulting in one casualty.On April 4th, it was reported that TrueEV, XPengs exclusive distributor in Australia, entered administration (bankruptcy management) proceedings, drawing attention. XPeng responded that during the past two years of cooperation, it learned through various channels that TrueEV had experienced a broken cash flow and was under the control of its financing party, and had not purchased any vehicles for over a year, failing to fulfill order obligations including 454 cars. TrueEV also had a public business conflict with local dealers, severely damaging the foundation of trust between the two parties. Therefore, in accordance with the cooperation agreement, XPeng formally issued a breach of contract notice to TrueEV, terminating its exclusive distributorship, but retaining its distributorship status. However, TrueEV denied the aforementioned operational problems and instead pursued legal action against XPeng. The Australian court rejected its injunction application on April 1st. XPengs goal going forward is to establish itself in Australia within the next three years as a technology brand that is not only technologically advanced but also trustworthy in terms of user experience.On April 4th, it was reported that the international standard proposal for "DC Filter Capacitors for High Voltage Direct Current Transmission Systems," initiated by my country, was recently approved by the International Electrotechnical Commission (IEC). This standard is the first international standard specifically addressing DC filter capacitors in the field of high voltage direct current transmission, filling a gap in related professional standards. The standard was led by Chinese experts, with participation from experts from Italy, France, Germany, and other countries. The development of this standard will facilitate the sharing of advanced technological concepts of Chinas core high voltage direct current transmission equipment with the world, contributing more Chinese strength to global energy transition and power system upgrading.April 4th - Data released by the General Statistics Office of Vietnam shows that Vietnams economy slowed compared to the previous quarter due to heavy reliance on Middle Eastern oil imports. Vietnams GDP grew by 7.83% in the first quarter, lower than the 8.46% in the fourth quarter of last year. The Vietnamese governments growth target for this year is no less than 10%, but this target is currently under pressure. Vietnam imports over 80% of its crude oil from the Middle East, and oil shipments from the region have been disrupted due to the conflict with Iran. Rising fuel prices have forced Vietnamese airlines to scale back operations and prompted authorities to introduce cost-control measures, including reducing fuel taxes, subsidizing prices through government-controlled funds, and encouraging remote work to reduce consumption.Note: Vietnams March trade balance and March import year-on-year rate have not yet been released.

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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