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The Peoples Bank of China issued a warning and imposed a fine of 3.144 million yuan on Sunshine Life Insurance Co., Ltd. for failing to conduct money laundering risk assessments or establish sound risk management systems as required.The Peoples Bank of China issued a warning and imposed a fine of 818,000 yuan on Guotou Securities Co., Ltd. for failing to conduct customer due diligence and other matters in accordance with regulations.Mayor of Kyiv: An explosion has occurred in the city. Air defense forces are on the move.Market news: An explosion was heard in Kyiv.On September 11th, futures market news reported that tin prices have recently experienced sharp rises and falls. Short-term pricing power lies with macroeconomics, and fundamentals determine that the decline will not be deep. On September 10th, Shanghai tin rose 1.87% to 425,770 yuan/ton; on September 11th, it opened lower and closed at 410,290 yuan/ton, a single-day drop of 15,480 yuan. LME tin also fell back to $53,740/ton. Within two days, tin prices rapidly shifted from leading the gains to leading the losses. 1. Macroeconomic disturbances are the main reason. The US August PPI exceeded expectations, the probability of a Fed rate hike in September rose to about 70%, US Treasury yields approached 5%, the US dollar index rebounded, and risk assets were generally under pressure. On the 10th, the Philadelphia Semiconductor Index fell 3%, and US tech stocks collectively declined, shaking the markets short-term valuation narrative of tins "AI solder demand." 2. Meanwhile, the escalation of the US-Iran conflict caused Brent crude oil to surge past $100, and gold also fell 1.9%, putting pressure on the non-ferrous metals sector, and tin could not remain unaffected. However, fundamentals remain strong. Constraints on the mining side have not fundamentally eased; both domestic and international tin inventories are low; downstream buyers are replenishing their stocks near 410,000 tonnes, leading to increased spot market activity. The fundamentals have not deteriorated; rather, macroeconomic sentiment is suppressing prices. 3. Overall, the tin market has been significantly affected by macroeconomic disturbances, resulting in recent sharp price fluctuations. Going forward, continued attention should be paid to the escalation of the US-Iran conflict, the final US CPI data, and the implementation of the Feds interest rate meeting and policy guidance this month. Tin prices may face downward pressure and volatility before the short-term interest rate hike, but low inventories, tight mining supply, and expectations of marginal improvement during the peak season will limit downside potential.

Crypto lender Voyager Digital gets approval to return $270 million to customers

Alice Wang

Aug 05, 2022 15:16

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Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the U.S. Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


Voyager Digital Holdings Inc., a cryptocurrency company, has been granted permission by the US Bankruptcy Court in New York to restore $270 million in client funds, the Wall Street Journal reported on Thursday.


According to the Journal, Judge Michael Wiles, who is in charge of Voyager's bankruptcy, said the firm had "sufficient grounds" to back up its claim that clients should be given access to the custodial account kept at Metropolitan Commercial Bank.


The business did not immediately respond to requests for comment.


Voyager, one of several businesses that struggled after the widespread turbulence on the cryptocurrency market, filed for Chapter 11 last month.


Voyager reported that it had between $1 billion and $10 billion in assets and liabilities, as well as over 100,000 creditors, in its bankruptcy case.


The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) issued an injunction to the firm last week directing it to stop making "false and misleading" promises about the government's protection of its clients' cash.


The firm only had a bank account at Metropolitan Commercial Bank, according to the authorities, and none of the investors using its platform were covered by the FDIC.


During the COVID-19 epidemic, cryptocurrency lenders like Voyager saw a surge in business, luring depositors with high interest rates and convenient access to loans that conventional banks seldom ever gave. Lenders have suffered from the recent decline in cryptocurrency markets, which was brought on by the failure of two significant tokens in May.

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