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On March 24th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.5210%, and the lowest was 0.7730%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.1860%, and the lowest was 1.0200%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.2310%, and the lowest was 1.0010%.On Tuesday, March 24, the Hang Seng Index opened 377.35 points higher, or 1.55%, at 24,759.82; the Hang Seng Tech Index opened 61.1 points higher, or 1.3%, at 4,773.58; the H-share Index opened 89.07 points higher, or 1.07%, at 8,396.89; and the Red Chip Index opened 39.86 points higher, or 0.96%, at 4,179.96.Hang Seng Index futures opened 1.93% higher at 24,837 points, a premium of 442 points.On March 24th, it was reported that on March 23rd, the Shenzhen Development and Reform Commission released the "Shenzhen 2026 Work Plan for Optimizing the Market-Oriented Business Environment." The plan proposes to accelerate the commercial operation of intelligent connected vehicles. It includes promoting the construction of a government regulatory platform for intelligent connected vehicles in Shenzhen, achieving tiered and categorized opening of testing and demonstration roads for intelligent connected vehicles throughout the city, exploring pilot projects of autonomous driving technology in scenarios such as public transportation, taxis, ride-hailing services, and logistics delivery, and promoting the large-scale application of functional unmanned vehicles. Taking Nanshan District and Baoan District as pilot areas, it aims to unify cross-district standards, technical standards, and regulatory frameworks for the commercial operation of intelligent connected vehicles, and promote road network connectivity and mutual recognition of qualifications.On March 24th, the Shenzhen Development and Reform Commission released the "Shenzhen 2026 Work Plan for Optimizing the Market-Oriented Business Environment" on March 23rd. The plan proposes to broaden the scope of private investment. It will formulate and implement a new mechanism for public-private partnerships (PPP), and continuously increase the promotion of major projects to private capital. It supports private capital participation in projects with certain returns, including railways, nuclear power, hydropower, inter-provincial and inter-regional DC transmission channels, oil and gas pipelines, imported liquefied natural gas receiving and storage facilities, and water supply. For eligible projects, private capital can hold more than 10% of the shares. The plan further strengthens government procurement support for SMEs. For engineering procurement projects exceeding 4 million yuan that are suitable for SMEs, in addition to reserving more than 40% of the total budget specifically for SMEs, the reserved ratio will be further expanded. Procurement units are encouraged to increase the prepayment ratio for contracts with private enterprises to more than 30% of the contract amount.

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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