EUR/USD 1.17556
-0.147%
Gold 4997.34
0.014%
Oil 66.651
0.017%
USD/JPY 155.086
0.059%
GBP/USD 1.34382
-0.181%
GBP/JPY 208.413
-0.111%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 20th - According to NIO-SW (09866.HK), on February 19th, 2026 (the third day of the Lunar New Year), NIOs total battery swap volume reached 165,898 times, setting a new historical record. This marks the third time in the last five days that NIO has broken its historical record.Market news: Iran and Egypt have reached an agreement to restore full diplomatic relations and reopen their embassies in each others capitals.On February 20th, the All-China Federation of Industry and Commerce (ACFIC) and the China Enterprise Confederation (CEC) jointly issued the "Labor Management System for Private Enterprises (Reference Text)," aiming to further guide private enterprises in establishing and improving a modern enterprise system with Chinese characteristics, enhancing their labor management capabilities, and actively building harmonious labor relations. The system comprises twelve chapters, covering the main aspects of the entire labor management process, including general principles, recruitment and hiring, labor contracts, labor dispatch, rest and leave, and wages and benefits. It aims to provide private enterprises, especially small and medium-sized enterprises (SMEs), with a comprehensive, standardized, and referable framework for labor management. Next, the ACFIC and CEC will conduct in-depth publicity, interpretation, and training activities to promote the improvement of private enterprise governance capabilities and build harmonious labor relations.Indonesian Minister: The trade agreement between Indonesia and the United States will not involve any third-party countries.Reserve Bank of New Zealand Chief Economist Conway: The Reserve Bank of New Zealand will not act hastily on the issue of raising interest rates.

Lawsuit accuses troubled crypto lender Celsius Network of fraud

Skylar Shaw

Jul 08, 2022 14:54

微信截图_20220708144808.png


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.

Suggestion