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On May 9th, Futures News reported that from a macroeconomic perspective, Trumps primary objectives are to secure low-priced Middle Eastern oil, curb Irans nuclear program, and expand the dollars dominance in oil settlements, rather than perpetuating an energy price crisis. The likelihood of a macroeconomic upside is relatively high, but further analysis is needed. If the escalation of the US-Iran situation leads to a continued surge in oil prices and stagflation, the market will price gold as an inflation hedge and safe haven, thus boosting silver. However, weakness in the industrial sector will drag down silver, limiting its upside potential or causing a pullback. Conversely, if the Middle East situation does not lead to stagflation, and the Federal Reserve begins raising interest rates to mitigate inflation risks, silver will be under pressure. If US-Iran relations ease and the Strait of Hormuz resumes normal navigation, oil prices may fall significantly, and the market may price in a Fed rate cut this year, leading to an upward correction in silver prices. Overall, looking ahead to the second quarter, given the possibility of a breakthrough in the Middle East situation, the logic of a Fed rate hike this year may be disproven. Coupled with the supply and demand situation of regional market differentiation but persistent overall deficits, silver prices are likely to continue their moderate rise.On May 9th, NIO posted on social media to refute rumors that it had been summoned for questioning, stating that they were pure fabrication.On May 9th, JiKrs legal department posted on social media that they have recently noticed a group of social media accounts maliciously spreading information such as "eight new energy vehicle companies were summoned for talks," and using AI software to fabricate false information that JiKr had been "summoned for talks," which has greatly damaged JiKrs brand reputation. JiKr has not received any such "summoning" information. Regarding these malicious attacks and defamation, we have collected and secured evidence and will protect our rights in accordance with the law.May 9th - According to the latest data released by Cui Dongshu, Secretary-General of the China Passenger Car Association, my countrys automobile exports reached 3.28 million units from January to April this year, a year-on-year increase of 52%, setting a new record in recent years. The total export value reached US$56.9 billion, a year-on-year increase of 54%, also a new record in recent years.On May 9th, World Health Organization (WHO) spokesperson Christian Lindmeier stated on May 8th that the WHO had initiated a response to the current Hantavirus outbreak in accordance with the International Health Regulations. In addition to the cruise ship affected by the outbreak, contact tracing is ongoing. Regarding public concern about the transmissibility of the Hantavirus, Lindmeier emphasized that the virus is not highly contagious and does not easily spread from person to person. Many people who have had close contact with infected individuals during this outbreak have tested negative for the virus, which sufficiently demonstrates that the risk of Hantavirus to the general population is very low.

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.