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Polish Army Operations Command: Air operations within Polish airspace related to Russian airstrikes in Ukraine have ended. No violations of Polish airspace occurred.February 7th - Gold is experiencing significant volatility, but the market remains strongly confident in the fundamental drivers of the long-term (upward) trend. Nick Cawley, Global Markets Analyst at Salomon Brothers, stated that the current volatility is merely short-term noise. He expects gold prices to break through $5,000 again in the coming weeks and retest the multi-decade high of $5,600 in the second quarter. Market consolidation is healthy, especially after a strong rebound, and the technical outlook remains positive. Tailwinds persist; while the dollar may be strong now, interest rate cuts in the coming months will weaken it, or at least prevent further gains. Rania Gule, Senior Markets Analyst at XS.com, stated that while gold prices may remain below $5,000 per ounce in the short term, a rise to $6,000 by the end of the year is still possible. The market has not yet exhausted its bullish momentum. However, investors have become more discerning and cautious, meaning future gains are likely to be accompanied by more corrections and are more driven by fundamentals than pure momentum or speculation. The precious metals market is currently in a repositioning phase, not a trend reversal.Ukraines Energy Minister: Russia attacked Ukraines energy generation and distribution facilities.Polish air navigation service: To ensure the freedom of movement of military aviation, airports in Rzeszów and Lublin have temporarily suspended operations.February 7th - According to a news release from the Guangdong Provincial Forestry Bureau on the 7th, the Nanyue Green and Beautiful Ecological Investment Fund has been established and officially launched, and is currently steadily advancing the implementation of its first batch of projects. As the first government investment fund in China focusing on the forestry industry, its establishment marks a breakthrough in Guangdongs forestry investment and financing mechanism. It will inject precise and efficient financial momentum into the construction of a green and beautiful Guangdong, accelerate the transformation of "green mountains and clear waters" into "gold and silver mountains," and provide important support for the deep integration of ecological civilization construction and industrial upgrading throughout the province.

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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