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Futures News, May 8th - According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed sharply lower on Thursday, with the benchmark contract down 1.2%, following the decline in international crude oil futures. International crude oil prices fell on Thursday due to concerns that the US might resume escort duties in the Strait of Hormuz. This put downward pressure on the Chicago soybean oil market. Weak US soybean oil export sales also weighed on prices. The US Department of Agricultures weekly export sales report showed that for the week ending April 30, 2026, net sales of US soybean oil for the 2025/26 marketing year were 1,000 tons, down 72% from the previous week and 15% from the four-week average. This data was in line with market expectations.On May 8th, according to foreign media reports, Chicago Board of Trade (CBOT) corn futures closed slightly lower on Thursday, with the benchmark contract down 0.3%, mainly reflecting weak U.S. corn export sales and continued declines in international crude oil futures. Traders said the benchmark contract fell for the third consecutive trading day, following the decline in the international crude oil market. However, technical buying at the end of the session helped the corn market recover some lost ground. Weak corn export sales data also put pressure on corn prices. The U.S. Department of Agricultures weekly export sales report showed that for the week ending April 30, 2026, net sales of U.S. corn for the 2025/26 marketing year were 1,361,700 tons, down 15% from the previous week and down 4% from the four-week average, in line with market expectations. Net sales for the 2026/27 marketing year were 122,800 tons, with no sales a week earlier. According to precipitation maps released by the National Oceanic and Atmospheric Administration (NOAA), parts of the eastern Corn Belt may receive up to 0.75 inches of rain from Friday through Monday, while parts of the central-southern and southeastern regions will also continue to experience rainfall.May 8th - According to the official website of the China Securities Regulatory Commission (CSRC), Kunlun Core (Beijing) Technology Co., Ltd. officially launched its IPO preparation on May 7th, 2026, with China International Capital Corporation Limited (CICC) serving as the IPO advisor.1. The three major U.S. stock indexes closed slightly lower. The Dow Jones Industrial Average fell 0.63% to 49,596.97 points, the S&P 500 fell 0.38% to 7,337.11 points, and the Nasdaq Composite fell 0.13% to 25,806.2 points. Caterpillar fell more than 3%, and JPMorgan Chase fell more than 2%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index rose 0.69%, Tesla rose more than 3%, and Nvidia rose more than 1%. The Nasdaq China Golden Dragon Index fell 1.4%, Tiger Brokers fell more than 7%, and Pony.ai fell more than 6%. The Nasdaq and S&P 500 indexes fell after hitting intraday highs. 2. The three major European stock indexes all closed lower. The German DAX fell 1.02% to 24,663.61 points, the French CAC40 fell 1.17% to 8,202.08 points, and the UK FTSE 100 fell 1.55% to 10,276.95 points. 3. Most major Asia-Pacific stock indices closed higher. The Nikkei 225 surged 5.58% to close at 62,833.84 points, while the Korea Composite Stock Price Index (KOSPI) rose 1.43% to 7,490.05 points, both hitting new record highs. South Koreas stock market capitalization surpassed Canadas, becoming the worlds seventh-largest stock market. Funds continued to favor AI-related stocks, with SoftBank Group surging over 18%, KaiXia rising 19%, SK Hynix gaining over 3%, and Samsung Electronics climbing 2%. Indias SENSEX 30 index fell 0.15% to 77,844.52 points. 4. The WTI crude oil futures contract closed up 2.71% at $97.66 per barrel; the Brent crude oil futures contract rose 2.07% to $103.37 per barrel. 5. International precious metals futures generally closed higher, with COMEX gold futures rising 0.04% to $4,696.00 per ounce and COMEX silver futures rising 2.09% to $78.92 per ounce. 6. Most London base metals fell. LME zinc rose 1.41% to $3,447.0/ton, LME lead was unchanged at $1,977.5/ton, LME tin fell 0.29% to $53,650.0/ton, LME nickel fell 0.44% to $19,115.0/ton, LME copper fell 0.51% to $13,323.5/ton, and LME aluminum fell 0.92% to $3,490.0/ton.South Koreas unadjusted current account balance for March was $37.33 billion, revised from $23.1927 billion in the previous month.

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.