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Ukrainian energy company DTEK: Power supply has been restored to 240,000 households in Ukraines Odessa region after Russias overnight attack.According to a report from Guoxin Securities on the gold industry on October 11th, the current gold price surge is primarily driven by expectations of a Federal Reserve rate cut, geopolitical risks, and surging investment demand, signaling a new period of strength in the gold market. Regarding short-term investment recommendations, focus on event catalysts, such as the October Federal Reserve meeting minutes and US inflation data (an unexpected rebound in CPI could trigger volatility). In the short term, prices may fluctuate briefly above 3,800, with specific performance fluctuating depending on the data. Regarding medium- to long-term allocations, it is recommended to allocate 10%-15% of your portfolio to gold assets to hedge risk and increase diversification.According to a report from Guoxin Securities on October 11th, the current gold price surge is primarily driven by expectations of a Federal Reserve rate cut, geopolitical risks, and surging investment demand, signaling a new period of strength in the gold market. Regarding short-term investment advice, focus on event catalysts, particularly the October Federal Reserve meeting minutes and US inflation data (an unexpected rebound in CPI could trigger volatility).German Geoscience Research Center: A 5.8 magnitude earthquake occurred near the east coast of the Kamchatka region.On October 11, as of the end of August, the China Development Bank has issued 4.8 billion yuan in affordable housing loans since the 14th Five-Year Plan, supporting 74 projects and helping to build and raise 62,000 affordable housing units; issued 978.1 billion yuan in special loans for urban village renovation, supporting 816 projects, helping to build and raise 1.769 million resettlement houses, benefiting 942,000 households in urban villages; issued 40.7 billion yuan in "dual-use" public infrastructure construction loans, supporting 180 projects.

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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