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Both WTI and Brent crude oil fell by $0.70 to $75.07 and $79.61 per barrel, respectively.On August 5th, Minneapolis Fed President Neel Kashkari, a 2026 FOMC voting member, stated in an interview with CNBC on Wednesday that the Federal Reserve should now "start gradually raising" interest rates to reduce inflation and avoid the need for larger rate hikes in the future. Kashkari was one of three voting members who supported a 25-basis-point rate hike at last weeks FOMC meeting. He stated that with strong corporate earnings, resilient consumer and labor markets, and no evidence that monetary policy has become significantly restrictive, its time to begin gradually raising rates. He emphasized that this does not advocate for large rate hikes, but rather a desire for "small steps" to avoid being forced into aggressive policy tightening once inflation becomes deeply entrenched. He added that its uncertain what action the FOMC will take in September, and future data will play a crucial role. Meanwhile, Kashkari stated that Fed Chairman Warsh did not pressure him, telling him, "Do what you think is right for the economy."A Goto survey shows that 30% of American employees say they can no longer live without artificial intelligence.On August 5th, Federal Reserve Chairman Neel Kashkari, in an interview with CNBC, stated that he remains open to future policy options and does not advocate for significant interest rate hikes. He believes that most recent inflation stems from supply shocks, coupled with some demand-side factors. Kashkari stated in the CNBC interview, "My goal is not to slow the economy, but to reduce inflation." He believes now is the time to begin gradually raising interest rates, but he does not support a significant increase. Kashkari emphasized the value of continuing the tradition of explaining the Feds policy response mechanism to the public. He stated, "Dont think theres some magic number of meetings (to decide policy actions)."The U.S. Treasury will maintain its repurchase program at the same pace as last quarter.

Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft

Jimmy Khan

Aug 24, 2022 15:25

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Before the cryptocurrency lender went bankrupt last month, Celsius Network LLC, according to a lawsuit filed on Tuesday by the company against a former investment manager, lost or stole assets worth tens of millions of dollars.


After Stone misrepresented himself as a pioneer in the industry, Celsius filed a case in Manhattan bankruptcy court accusing Stone and his business KeyFi Inc of "gross carelessness" and "extraordinarily poor" crypto investment.


Stone was "unable" to use cryptocurrencies profitably, according to Celsius, leading to losses of "several tens of millions of dollars."


He allegedly used stolen money to purchase hundreds of non-fungible tokens ("NFTs"), which he kept out of sight, and then hid his activities by using Tornado Cash, a cryptocurrency "mixer" that the U.S. Treasury Department banned on August 8 due to concerns that it could be used to launder the proceeds of cybercrime.


Six weeks after KeyFi sued Celsius in a Manhattan-based New York state court, the current case was filed on Tuesday.


It alleged that Celsius operated a Ponzi scheme, improperly handled client deposits, neglected to hedge investments, and defrauded Stone of possible compensation worth hundreds of millions of dollars.


According to court documents, Stone worked with Celsius for roughly seven months, concluding in March 2021.


Stone's attorney Kyle Roche said via email that Celsius CEO Alex Mashinsky had approved KeyFi's remuneration, which included NFTs.


The most recent filing by Celsius, according to Roche, "is an effort to rewrite history and make KeyFi and Mr. Stone the scapegoat for their organizational failure."


Each party feels the other is owed money, and both lawsuits aim to recover it as well as compensatory and punitive damages.


After halting withdrawals and transfers for its 1.7 million clients because to "extreme" market circumstances on July 13, Celsius, located in Hoboken, New Jersey, filed for Chapter 11 protection from creditors.


The cases are KeyFi Inc. v. Celsius Network Ltd. et al., New York State Supreme Court, New York County, No. 652367/2022; and Celsius Network Ltd. et al. v. Stone et al., U.S. Bankruptcy Court, Southern District of New York, No. 22-ap-01139.

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