<ul class="summary-list"><li>The London Metal Exchange will resume <keyword id="13245847" type="UNKNOWN" weightage="60" keywordseo="nickel" source="Orion">nickel</keyword> trading Wednesday after halting it last week as prices soared in a huge <keyword id="11918411" type="UNKNOWN" weightage="60" keywordseo="short-squeeze" source="Orion">short squeeze</keyword>.</li><li>There are now caps on upper and lower prices for nickel and other base metals, the LME said Tuesday.</li></ul> The London Metal Exchange has said it will resume <a href="https://markets.businessinsider.com/commodities/nickel-price">nickel</a> trading on Wednesday, having called a halt last week after the metal's price surged to $100,000 a ton in an massive short squeeze.It is also bringing in new rules setting daily upper and lower price limits for contracts for nickel and other base metals, it said in <a href="https://www.lme.com/en/News">a notice</a> Tuesday.The exchange was <a href="https://markets.businessinsider.com/news/commodities/nickel-price-london-metal-exchange-suspends-trading-shanghai-short-squeeze-2022-3">forced to suspend trading</a> last Tuesday and cancel trades after Chinese tycoon <keyword id="13382363" type="UNKNOWN" weightage="60" keywordseo="xiang-guangda" source="Orion">Xiang Guangda</keyword>'s company <keyword id="13338577" type="UNKNOWN" weightage="60" keywordseo="tsingshan-holding-group" source="Orion">Tsingshan Holding Group</keyword> bought significant amounts of nickel to cover <keyword id="13389815" type="UNKNOWN" weightage="60" keywordseo="short-positions" source="Orion">short positions</keyword>. Tsingshan, the world's largest nickel producer, kept buying even as the metal's price rose to prevent further potential losses, driving the price even higher.At one point last Tuesday, nickel touched double its Monday closing price of $48,078 — already lifted by worries about a supply shock from Russian sanctions.The extreme volatility prompted the LME to suspend nickel trading for the first time since 1988, and it has stayed halted for six sessions in a row. Trading of nickel will resume at 8 a.m. London time on Wednesday, and will adopt regular trading hours from Thursday, the exchange said. The price caps on nickel will apply from March 16, based on the previous session's closing price: plus 5% for the upper limit, and minus 5% for the lower. For other base metals, it will be plus or minus 15%, and the limits will be effective from March 16. The moves come after Tsingshan reached a deal with its creditors to ease pressure to pay the billions of dollars of margin it owes for nickel trades."The LME notes in particular that a large client of the market has now published details relating to the support of a banking consortium, which could suggest that the potential for further disorderly conditions may be mitigated," it said in its statement.JPMorgan, the largest counterparty to Tsingshan's trades, <a href="https://markets.businessinsider.com/news/commodities/jpmorgan-leads-talks-largest-counterparty-nickel-big-short-price-surge-2022-3">spearheaded talks</a> between the major metals supplier and the banks that acted as intermediaries for its wager against rises in the price of nickel. Late Monday, Tsingshan said creditors had agreed to hold off from making margin calls or closing the company's LME short positions for now."Tsingshan Group has reached an agreement with a consortium of hedge bank creditors on a standstill arrangement," it said in a statement. "In the course of the standstill period, Tsingshan and the consortium banks will progress discussions in relation to a standby secured liquidity facility intended principally for Tsingshan's nickel margin and settlement requirements," it said.Nickel, a metal used in stainless steel and electric-vehicle batteries, has been at the center of the fallout from the Ukraine war and the West's sanctions on Russia.Russia is the third-largest producer of nickel, and <a href="https://markets.businessinsider.com/reviews/out?platform=browser&amp;postSource=mi%7C6228866a17a7fe6fa37bd4b9&amp;sc=false&amp;type=LINK-WITH-REVIEW-SLASH-OUT&amp;u=https%3A%2F%2Fwww.wsj.com%2Flivecoverage%2Frussia-ukraine-latest-news-2022-03-08%2Fcard%2Fnickel-market-sent-on-wild-ride-by-russia-concerns-oepHo6J9PSoxNNoOCbZf&amp;sessionid=1647336334959k7pfy13s">sources 17%</a> of the world's high-purity supply. Sanctions imposed on the country over its invasion of Ukraine have spooked an already tight market.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-cybersecurity-russia-ukraine-investing-outlook-global-x-2022-3" target="_blank" rel="noopener noreferrer">Russia's attack on Ukraine will accelerate cybersecurity's rise as a major investing theme, according to a research chief for the $40 billion firm Global X. He lists 3 stocks to buy that will benefit from increased attention on the sector</a>

The London Metal Exchange will resume nickel trading with price caps Wednesday, after an epic short squeeze drove prices to $100,000

<ul class="summary-list"><li><keyword id="12002884" type="UNKNOWN" weightage="60" keywordseo="jpmorgan" source="Orion">JPMorgan</keyword> is caught in the <keyword id="13245847" type="UNKNOWN" weightage="60" keywordseo="nickel" source="Orion">nickel</keyword> <keyword id="11918411" type="UNKNOWN" weightage="60" keywordseo="short-squeeze" source="Orion">short squeeze</keyword> as the biggest counterparty to a Chinese tycoon's trades, Bloomberg reported.</li><li>Trades by Xiang contributed to a surge in nickel above $100,000 a ton last week, prompting an LME halt to trading.</li></ul>JPMorgan is the largest counterparty to nickel trades by the Chinese tycoon who faces billions of dollars in losses from a big <keyword id="12100269" type="UNKNOWN" weightage="60" keywordseo="short" source="Orion">short</keyword> bet, according to a Bloomberg report. <keyword id="13382363" type="UNKNOWN" weightage="60" keywordseo="xiang-guangda" source="Orion">Xiang Guangda</keyword> has a total short position of more than 150,000 tons of nickel. About 50,000 tons of that is held through an over-the-counter position with JPMorgan, <a href="https://www.bloomberg.com/news/articles/2022-03-11/jpmorgan-is-biggest-counterparty-for-nickel-tycoon-s-short-bets">Bloomberg reported</a> Friday. That means Xiang's metals company, <keyword id="13338577" type="UNKNOWN" weightage="60" keywordseo="tsingshan-holding-group" source="Orion">Tsingshan Holding Group</keyword>, is on the hook for about $1 billion in margin with the bank, based on those figures. Tsingshan has been finding it difficult to pay margin calls to its creditors, the report said.Short-covering trades made last week by the Chinese billionaire<a href="https://markets.businessinsider.com/news/commodities/nickel-price-short-squeeze-chinese-tycoon-lost-billions-presses-bet-2022-3"> contributed</a> to a swift, huge surge in nickel prices that saw the commodity briefly top more than $100,000 a ton. To contain the massive short squeeze, the London Metal Exchange halted trading Tuesday, and it was still suspended Monday. Over the weekend, JPMorgan spearheaded discussions between Tsingshan and the banks and brokers involved, the <a href="https://www.wsj.com/articles/jpmorgan-leads-talks-to-contain-nickel-crisis-damage-11647203014">Wall Street Journal reported</a>. They are looking to find ways to extend their credit lines to the Chinese company so it can pay the money it owes to them, it said.The nine or so other banks and brokers involved reportedly include Standard Chartered, BNP Paribas, China Construction Bank International, and Sucden Financial.Tsingshan's banks and brokers stand to lose billions of dollars if the nickel producer doesn't follow through with its commitments, as they themselves have to meet margin calls on the losing position with the LME.The LME last week canceled trades made during the run-up in prices before the halt of trading — an estimated $3.9 billion in transactions — to ease the pressure from margin calls. But Xiang has vowed to keep shorting nickel, in the hope the price will move lower and his potential losses will be reduced. He has also proposed pledging Tsingshan's assets in Indonesia as collateral for the money it owes in margin calls, Bloomberg reported.Read more: <a href="https://www.businessinsider.com/oil-price-outlook-stock-market-crash-recession-russia-ukraine-rystad-2022-3" target="_blank" rel="noopener noreferrer">Oil to $240: a leading commodities analyst breaks down why prices could double by summer - and predicts this nightmare scenario would trigger crisis in the stock market and a global recession</a>

JPMorgan is the largest counterparty of the nickel 'big short' and is leading talks to contain the damage to the market: reports

<ul><li>Xiang Guangda faces billions of dollars in losses after betting against the price of <keyword id="13245847" type="UNKNOWN" weightage="60" keywordseo="nickel" source="Orion">nickel</keyword>, but he's not yet ready to throw in the towel.</li><li>Guangda has told the banks his business holds its short position with that he intends to continue his bet against nickel, according to Bloomberg.</li><li>Nickel prices briefly topped $100,000 per ton before the London Metals Exchange halted <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword>.</li></ul><hr />A Chinese tycoon that faces billions of dollars in losses after betting against the price of nickel is not yet ready to throw in the towel, according to <a href="https://www.bloomberg.com/news/articles/2022-03-10/chinese-tycoon-tells-banks-he-wants-to-keep-shorting-nickel?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">a Bloomberg report.</a>Xiang Guangda, owner of metals company Tsingshan Holding Group, has held a significant short bet against nickel prices and helped spark a massive 250% short-squeeze in the commodity earlier this week. Nickel prices <a href="https://markets.businessinsider.com/news/commodities/nickel-price-russia-ukraine-war-short-squeeze-lme-suspends-trading-2022-3">briefly soared to more than $100,000 per ton</a> before the London Metals Exchange halted trading in the commodity on Tuesday. Now, the London Metals Exchange is attempting to privately match buyers and sellers to help close out short positions before they reopen the market, in an attempt to prevent a repeated squeeze higher in nickel prices.But Guangda wants to press his bet against the commodity and hold onto it, with the thought that the commodity's price will move lower and he won't have to realize all of the losses that he currently faces.Guangda holds a short position to the tune of 150,000 tons of nickel, and has told the 10 banks and brokers he holds his nickel short position with that he is not yet interested in closing out his bet, Bloomberg reported citing three people with knowledge of the conversations.That could create issues for the banks working with Guangda, which have to meet margin calls on the losing position with the London Metals Exchange. Guangda is considering pledging some of his company's Indonesian assets to satisfy the necessary collateral for the money it owes on its losing bet, according to the report.If Guangda holds out on his short bet, it could lead to continued high volatility in the commodity, which initially spiked as Russia's invasion of Ukraine and subsequent sanctions <a href="https://markets.businessinsider.com/news/commodities/nickel-prices-russia-ukraine-production-shortage-ev-steel-commodities-invasion-2022-3">sparked concerns of dwindling supplies.</a>

The Chinese tycoon that lost billions betting against nickel reportedly wants to keep shorting the commodity

<ul class="summary-list"><li>The Financial Conduct Authority and the Bank of England will <keyword id="11894022" type="UNKNOWN" weightage="60" keywordseo="review" source="Orion">review</keyword> the <keyword id="13439923" type="UNKNOWN" weightage="60" keywordseo="lme" source="Orion">LME</keyword>'s decision to suspend <keyword id="13245847" type="UNKNOWN" weightage="60" keywordseo="nickel" source="Orion">nickel</keyword> trading.</li><li>The LME halted nickel trading on March 8 after prices surged over 50% within hours to hit $100,000 a ton.</li></ul>The <keyword id="11895965" type="UNKNOWN" weightage="60" keywordseo="london-metal-exchange" source="Orion">London Metal Exchange</keyword> is under review by UK <keyword id="12036375" type="UNKNOWN" weightage="60" keywordseo="regulators" source="Orion">regulators</keyword> after it halted nickel trading on March 8 and suspended all nickel trades for the day, a decision that caused chaos in the market and angered traders.The Financial Conduct Authority and the Bank of England said on Monday they will review the exchange's decision that cost billions in lost trades.<a href="https://markets.businessinsider.com/commodities/nickel-price?utm_medium=ingest&amp;utm_source=markets">Nickel</a> prices skyrocketed to $100,000 a ton on March 8, surging by at least 50% in a matter of hours, as Russia's invasion of Ukraine pushed up commodity prices and triggered a <a href="https://www.businessinsider.com/short-squeeze?utm_medium=ingest&amp;utm_source=markets">short squeeze</a> on the LME. The LME in response halted trading and canceled almost $4 billion worth of trades.The FCA and BoE said in a joint statement that they are focused on the LME conducting trading in an orderly and stable manner after trading resumed."However, after a period of stability, the FCA intends to review the LME's approach to managing the <keyword id="6371442" type="UNKNOWN" weightage="60" keywordseo="suspension" source="Orion">suspension</keyword> and resumption of the market in nickel to determine what lessons might be learned in relation to the LME's governance and market oversight arrangements," a <a href="https://www.fca.org.uk/news/statements/uk-financial-regulation-authorities-london-metal-exchange-lme-clear">joint statement</a> from the regulators said."The Bank will similarly undertake a review into the operation of LME Clear during the period to determine whether any lessons might be learned in relation to its governance and risk management."The FCA and the BoE said they will use these reviews to decide whether any further action is needed, with further steps to be announced soon.The LME <a href="https://www.lme.com/api/sitecore/MemberNoticesSearchApi/Download?id=32d12ca4-1b7d-427d-9ccf-189a97c76795">said</a> it welcomed the announcement from the regulators and said it would set up its own independent review of the events of March 8. The exchange said the review would serve to determine whether any further investigatory or disciplinary steps were needed."The LME is committed to ensuring that the actions of all participants (including the LME itself) are fully reviewed, and appropriate actions taken to both restore confidence and support the long- term health and efficiency of the market."Nickel is one of a number of commodities that has surged in price since Russia unleashed <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">war on Ukraine</a>. Russia is the third-largest producer of nickel, and <a href="https://markets.businessinsider.com/reviews/out?platform=browser&amp;postSource=mi%7C6228866a17a7fe6fa37bd4b9&amp;sc=false&amp;type=LINK-WITH-REVIEW-SLASH-OUT&amp;u=https%3A%2F%2Fwww.wsj.com%2Flivecoverage%2Frussia-ukraine-latest-news-2022-03-08%2Fcard%2Fnickel-market-sent-on-wild-ride-by-russia-concerns-oepHo6J9PSoxNNoOCbZf&amp;sessionid=1649058670691x2u9ig7r">sources 17%</a> of the world's high-purity supply. Sanctions imposed on the country over the war <a href="https://markets.businessinsider.com/news/commodities/nickel-price-london-metal-exchange-suspends-trading-shanghai-short-squeeze-2022-3?utm_medium=ingest&amp;utm_source=markets">spooked</a> an already tight market.Many producers, traders, and brokers were <a href="https://markets.businessinsider.com/news/commodities/nickel-price-london-metal-exchange-lme-halts-trading-chaos-commodities-2022-3">left worrying</a> that they might collapse when the price surged above $100,000, especially if forced to buy at that level to cover existing positions. The metal has traded <a href="https://markets.businessinsider.com/news/commodities/nickel-price-london-metal-exchange-lme-halts-trading-chaos-commodities-2022-3">between $10,000 and $20,000</a> for much of the past decade.Chinese metals producer Tsingshan, owned by tycoon Xiang Guangda, was at the forefront of the massive nickel price surge. Xiang had amassed a big short position and when the nickel price began to rally, brokers and banks rushed to close part of Xiang's position, buying back nickel and pushing up the price in a classic <a href="https://www.businessinsider.com/short-squeeze?r=US&amp;IR=T&amp;utm_medium=ingest&amp;utm_source=markets">short squeeze</a>.

UK regulators will review the LME's messy halt to nickel trading, after it triggered outrage by canceling $3.9 billion in trades

<ul class="summary-list"><li>Chaos in the <keyword id="13245847" type="UNKNOWN" weightage="60" keywordseo="nickel" source="Orion">nickel</keyword> market continued Wednesday as prices dropped 5% and the London Metal Exchange suspended <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword>.</li><li>LME said a glitch meant some trades were executed below its new 5% price limit, causing it to pause electronic trading.</li></ul>The chaos in the <a href="https://markets.businessinsider.com/commodities/nickel-price">nickel</a> market resumed Wednesday, as prices instantly fell 5% and the London Metal Exchange was forced to suspend trading due to a glitch just minutes after reopening from a rare week-long break.Nickel prices <a href="https://markets.businessinsider.com/news/commodities/nickel-price-russia-ukraine-war-short-squeeze-lme-suspends-trading-2022-3">skyrocketed above $100,000 a ton</a> last week, having started the month at around $25,000, after Russia's invasion of Ukraine pushed up <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> prices and wrong-footed many traders, unleashing what's known as a "short squeeze."London Metal Exchange responded by suspending trading and canceling $3.9 billion worth of trades in an extremely rare move that effectively unwound the clock to set the <keyword id="13397956" type="UNKNOWN" weightage="60" keywordseo="nickel-price" source="Orion">nickel price</keyword> back below $50,000.Trading reopened Wednesday and the price of nickel immediately fell 5% to around $45,600, LME said, hitting the new lower limit imposed by the exchange to try to maintain orderly trading. LME's new limits allow the price to move 5% up or down.The exchange swiftly paused buying and selling, however, saying that technical issues meant some trades had been executed below the price limit."The LME will continue to investigate the IT system error and will update the market in due course as to a future re-opening of the Nickel market on LMEselect," it said in a <a href="https://www.lme.com/News">statement</a>.LME said only electronic trading was suspended. It said trading in the physical open-outcry "ring" in London would be operating as normal, with the new price limits of 5% each way still in operation.The fall in the nickel price shows that the dramatic short squeeze is easing. But the new trading suspension is an embarrassing setback for the LME, which angered some traders by canceling trades last week.Read more: <a href="https://www.businessinsider.com/alternative-investing-strategies-federal-reserve-interest-rate-hike-fomc-powell-2022-3" target="_blank" rel="noopener noreferrer">A chief market strategist at a $29 billion investment firm lays out 3 unique alternative-asset trading plays that can act as 'ports in the storm' as the Fed prepares to hike rates</a>Nickel is predominantly used in the creation of stainless steel, but is also increasingly used in batteries for electric cars.It is one of a number of commodities that has surged in price since Russia unleashed <a href="https://www.businessinsider.com/live-updates-russia-ukraine-crisis-2022-2?r=US&amp;IR=T">war on Ukraine</a>, alongside oil, wheat, and other <keyword id="11895968" type="UNKNOWN" weightage="60" keywordseo="metals" source="Orion">metals</keyword> such as palladium. However, few other commodities <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> have been on quite as wild a ride.Many producers, traders, and brokers were left worrying that they might collapse last week when the price surged above $100,000. The metal has traded between $10,000 and $20,000 for much of the past decade.At the center of the huge price move was a Chinese metals producer called Tsingshan, owned by tycoon Xiang Guangda.Tsingshan and Xiang had amassed a big short position — that is, made major bets that the price of nickel would fall. When the price started climbing, brokers and banks rushed to close part of Xiang's position, buying back nickel and pushing up the price in a classic <a href="https://www.businessinsider.com/short-squeeze?r=US&amp;IR=T#:~:text=A%20short%20squeeze%20is%20when%20a%20shorted%20stock's%20price%20goes,returning%20them%20at%20a%20loss">short squeeze</a>.The rising price meant many producers and users, who regularly take short positions to reduce risk, were left facing demands to cough up more cash to cover potential losses, known as margin calls."Having surged more than 50% last week pushing above $100,000, the commodity looks set to further wild swings and trading halts as the exchange desperately attempts to calm the disorderly price action and reinstate confidence in the volatile and messy market," said Victoria Scholar, head of investment at trading platform Interactive Investor.

Nickel plunges 5% and London Metal Exchange halts trading once again as chaos continues

<ul class="summary-list"><li>The London Metal Exchange has halted <keyword id="13245847" type="UNKNOWN" weightage="60" keywordseo="nickel" source="Orion">nickel</keyword> trading until at least Friday after prices surged 250%.</li><li>It suspended trading after nickel was caught in the "mother of all short squeezes," an analyst said.</li></ul>The London Metal Exchange doesn't expect to resume <a href="https://markets.businessinsider.com/commodities/nickel-price?utm_medium=ingest&amp;utm_source=markets">nickel</a> trading until at least Friday in response to the turmoil in the market, after <a href="https://markets.businessinsider.com/news/commodities/nickel-price-russia-ukraine-war-short-squeeze-lme-suspends-trading-2022-3">prices rose above $100,000</a> for the first time Tuesday in the largest move ever on the exchange.The 145-year-old global center of <keyword id="11895968" type="UNKNOWN" weightage="60" keywordseo="metals" source="Orion">metals</keyword> trading said all trades of physically settled nickel contracts executed on or after midnight on 8 March on trading platforms such as the "LMEselect" will be canceled. It was forced to suspend trading after the price of nickel more than doubled to above $100,000 per metric ton in the "mother of all short squeezes," said Craig Erlam, a senior market analyst at OANDA.In a notice Tuesday, the exchange said it isn't appropriate to announce a trading resumption date for nickel, "given continued uncertainties in the broader market."Nickel, a metal used in stainless steel and electric-vehicle batteries, has been at the epicenter of the fallout from the Ukraine war and the West's sanctions on Russia.Russia is the third-largest producer of nickel, and <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Flivecoverage%2Frussia-ukraine-latest-news-2022-03-08%2Fcard%2Fnickel-market-sent-on-wild-ride-by-russia-concerns-oepHo6J9PSoxNNoOCbZf">sources 17%</a> of the world's high-purity supply. Sanctions imposed on the country over its aggression in Ukraine have spooked an already tight market.Trading on the LME might resume on Friday, around 9:00 a.m. London time, as the exchange works on ways to close a huge short position, the bulk of which is <a href="https://markets.businessinsider.com/news/commodities/nickel-prices-today-china-tsingshan-8-billion-loss-russia-ukraine-2022-3">held by a Chinese nickel titan</a>.Its move to stop wild trading allowed Chinese players caught in a <a href="https://www.businessinsider.com/short-squeeze">short squeeze</a> to close out huge loss-making positions, Rabobank analysts said. A <keyword id="11918411" type="UNKNOWN" weightage="60" keywordseo="short-squeeze" source="Orion">short squeeze</keyword> happens when many investors bet against the value of a traded asset, but its price shoots up instead, forcing short sellers to close out losing positions, buy back shorted assets and push up the price further in the process. The Chinese tycoon caught in the short squeeze controls the world's largest stainless steel and nickel producer — Tsingshan Holding Group — and had built up a large short position in nickel futures in recent months, Commerzbank said, citing industry sources. Xiang Guangda — called the "Big Shot" in commodities circles — now faces losses <a href="https://markets.businessinsider.com/news/commodities/nickel-prices-today-china-tsingshan-8-billion-loss-russia-ukraine-2022-3">worth $8 billion</a> amid the massive upswing in nickel's price. His short position <a href="https://www.bloombergquint.com/markets/chinese-tycoon-behind-big-nickel-short-faces-billions-in-losses">reportedly</a> totaled around 100,000 tons of nickel.Nickel futures trading on the Shanghai Futures Exchange also paused overnight after prices surged 17% to their daily limit of $42,373, according to <a href="https://www.bloomberg.com/news/articles/2022-03-09/nickel-chaos-goes-silent-as-china-also-hits-pause-on-trading?utm_source=google&amp;utm_medium=bd&amp;cmpId=google">Bloomberg</a>. This meant there wouldn't be any more trades on China's top commodities bourse Wednesday, unless transactions wound up below that price.In another effort to calm the market, the Shanghai bourse hiked transaction fees for nickel and other commodities.Unlike the LME, commodity trades in China are subject to daily limits in order to avoid volatile swings. Prior to Wednesday's halt, nickel had risen to the local exchange's daily limits both on Monday and Tuesday.

The global hub for metal markets has halted nickel trading until March 11 after prices topped $100,000 per ton

<ul class="summary-list"><li>Markets had a wild ride this year, with volatile swings punctuated by moments of sheer absurdity. </li><li>A college kid earning millions on Bed Bath &amp; Beyond, and a Kardashian's run-in with the SEC were only some of the highlights. </li></ul>Amid volatility, soaring inflation, and grim prognostications of a looming recession, markets in 2022 were also punctuated by strange, shocking, and absurd occurrences. Meme stocks died a slow death, but at least one of them made some lucky college kid a cool $110 million.A person going by the name Razzlekhan was accused of helping to pull off a massive crypto heist. Elon Musk put us all through agony with his back and forth Twitter saga, which culminated in his tumultuous takeover of the social media company in October. And that's just some of the weirdness that went down in markets this year. Here are seven of the craziest moments from 2022. <h3>College kid makes $110 million on Bed Bath and Beyond stock</h3><div type="image" title="Bed Bath &amp; Beyond" height="500" width="1000" msid="96574876" hostid="261" sizebytes="42832"></div><a href="https://markets.businessinsider.com/news/stocks/bed-bath-beyond-meme-stock-jake-freeman-college-senior-profile-2022-8">College student Jake Freeman</a> made a tidy $110 million profit on <a href="https://markets.businessinsider.com/news/stocks/bed-bath-beyond-meme-stock-jake-freeman-stake-ryan-cohen-2022-8">Bed Bath Beyond</a> this summer when the meme stock skyrocketed and more-than-tripled in price.Freeman purchased a $25 million stake in the struggling home goods retailer, and later sold his shares for $130 million. Shortly after Freeman cashed in, Gamestop CEO <a href="https://markets.businessinsider.com/news/stocks/ryan-cohen-bed-bath-beyond-meme-stock-options-gamestop-profit-2022-8">Ryan Cohen</a> sold his stake in the company, causing share price to plummet 19%.Though he isn't exactly your average day trader (he's a finance whiz kid who made his first investment when he was 13, and raised millions from friends and family to amass his initial BBBY stake), it was an impressive gain amid an otherwise agonizing year for meme stocks and the Wall Street Bets crowd. <h3>Razzlekhan and Dutch are accused of laundering $4.5 billion in crypto</h3><div type="image" title="heather morgan razzlekhan crypto bitcoin" height="512" width="1024" msid="96574880" hostid="261" sizebytes="23338"></div>Ilya Lichtenstein (aka Dutch) and Heather Morgan (aka Razzlekhan and the Crocodile of Wall Street) were charged with <a href="https://markets.businessinsider.com/ilya-lichtenstein-morgan-heather-bitfinex-hack-money-laundering-tiktok-rapper-2022-2">laundering $4.5 billion in bitcoin</a> and hacking the crypto exchange Bitfinex, pulling off the biggest crypto heist to-date.The NYC couple garnered attention for their bizarre and cringeworthy social media posts, Morgan in particular, rapping under the <a href="https://markets.businessinsider.com/news/currencies/bitfinex-hack-bitcoin-heist-seizure-suspect-heather-morgan-tiktok-raps-2022-2">TikTok pseudonym Razzlekhan.</a> She was also previously a contributor to Forbes, where she once wrote an article on cybercrime protection.Upon arrest, authorities found items like hollowed-out books, hardware wallets, and a bag labeled "burner phone" in their home, leading them to suspect the couple was <a href="https://www.businessinsider.com/bitfinex-bitcoin-couple-prosecutors-allege-russia-ukraine-contingency-plan-2022-2">planning on assuming new identities</a> in Ukraine and Russia. They've been billed as crypto's Bonnie and Clyde, and both Hulu and Netflix have reportedly ordered series based on the activities of the suspected crypto capers. Lichtenstein and Morgan are awaiting trial. <h3>'Big shot' and the LME nickel fiasco</h3><div type="image" title="london metals exchange trader banker" height="1750" width="3500" msid="96574885" hostid="261" sizebytes="379456"></div><a href="https://markets.businessinsider.com/news/commodities/nickel-price-russia-ukraine-war-short-squeeze-lme-suspends-trading-2022-3">Nickel prices gained 111% in one day</a> and briefly topped $100,000 a ton after western sanctions on Russia led to a short-squeeze on the precious metal, which is known as one of Russia's major exports and is used in a range of high-tech lithium-ion battery applications. As prices soared to atmospheric heights, the London Metal Exchange cancelled all nickel trades for the day, sparking backlash from angry traders. The halt <a href="https://markets.businessinsider.com/news/commodities/nickel-lme-trading-outage-regulators-review-halt-that-caused-outrage-2022-4">stopped $3.9 billion of nickel trades</a> from going through, leading to an investigation from the Financial Conduct Authority and the Bank of England.In the aftermath, it was revealed that a single Chinese metals tycoon, known in market circles simply as "Big Shot", was one character at the center of the episode. Big Shot is Xiang Guangda, the founder and chairman of Tsingshan Holding Group, a large producer of nickel alloy products. The company had amassed a large short position that was reportedly down about $8 billion at the end of the whole trading fiasco.<h3>Kim Kardashian pays $1.26 million for unlawfully pumping crypto on Instagram</h3><div type="image" title="Kim Kardashian" height="531" width="1062" msid="96574887" hostid="261" sizebytes="18014"></div>The "Keeping Up with the Kardashians" star was charged by the Securities and Exchange Commission this year for touting EMAX tokens on her Instagram. Kim ran afoul of a <a href="https://markets.businessinsider.com/news/currencies/kim-kardashian-sec-instagram-crypto-gary-gensler-emax-securities-law-2022-10">1930s securities law,</a> which requires promoters of a security to disclose if, how, and how much they're getting paid, SEC chief Gary Gensler said.The TV reality star's post contained "#ad" - a hashtag used by influencers to signify that a post is an advertisement. But the SEC said it found Kardashian failed to disclose that she was paid $250,000 to publish the post about EMAX tokens. Her post contained a link to the EthereumMax website that had instructions for potential investors to purchase the tokens, the regulator said.Kardashian <a href="https://markets.businessinsider.com/news/currencies/kim-kardashian-crypto-fine-sec-warning-celebrities-jake-paul-mayweather-2022-10">paid $1.3 million</a> to the SEC, though a <a href="https://www.businessinsider.com/kim-kardashian-crypto-scam-lawsuit-dismissed-2022-12">class action lawsuit</a> against Kardashian and other celebrity promoters was later dismissed.<h3>The entire Elon Musk-Twitter saga</h3><div type="image" title="Elon Musk Autobild" height="1500" width="3000" msid="96574891" hostid="261" sizebytes="96916"></div>Beginning with his announcement that he was <a href="https://markets.businessinsider.com/news/stocks/elon-musk-reports-investment-in-twitter-investor-stock-sec-soars-2022-4">amassing a stake in the publicly traded social media firm</a>, Elon Musk formally embarked on his journey to acquire Twitter in mid-April. Musk then spent months trying get out of the deal, proclaiming the site was overrun with spam bots and that he should be allowed to walk away. Twitter executives wouldn't budge, and the saga sent the shares on a rollercoaster ride, often trending well below the $54.20 share price that Musk and Twitter agreed on when they struck the deal. Musk closed the deal not long before the two parties were set to begin a nasty legal fight. As it was unlikely he'd win in court and be allowed out of the agreement, Musk took over Twitter in October. Since then, he's embarked on a controversial revamp of the struggling social media platform, including <a href="https://www.businessinsider.com/elon-musk-twitter-employees-layoffs-tweet-job-employment-respond-react-2022-11">slashing 70% of its workforce</a> and <a href="https://www.businessinsider.com/twitter-stopped-paying-rent-not-paying-severance-elon-musk-report-2022-12">not paying rent for Twitter's offices</a>. This month, users <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-twitter-elon-musk-poll-ceo-stock-market-news-2022-12">voted for Musk to step down</a> as the company's CEO in a poll Musk conducted on the site. Though he said he'd abide by the result, he has yet to make any formal moves toward appointing a successor. <h3>The west's unprecedented sanctions and weaponization of markets against Russia's economy</h3><div type="image" title="putin" height="1750" width="3500" msid="96574894" hostid="261" sizebytes="223764"></div>Russia shocked the world with its invasion of Ukraine in February. As the west struggled to respond, leaders took some extreme measures which Russian President Vladimir Putin probably wasn't expecting. The US and allies sanctioned Russia's central bank and froze billions of its assets. <a href="https://www.businessinsider.com/russia-economic-measures-swift-golden-passports-economic-measures-2022-2">It also cut some Russian banks off from the SWIFT messaging system</a>, a lynchpin of the global banking network that left Russian financial institutions isolated and unable to conduct normal business. Measures were also put in place to ban anyone in the US from engaging in transactions with Russian institutions, a move meant to spark higher inflation, wreck Russia's purchasing power, and hobble investment. And that was all before the latest round of energy sanctions banned Russian seaborne oil imports to the European Union, capped the price of Russian oil at $60, and severely limited the flows of Russia's natural gas exports. President Vladimir Putin has balked at the sanctions, and hasn't acknowledged any negative effect on the economy. He's also called the price cap on Russian oil "<a href="https://markets.businessinsider.com/news/commodities/vladimir-putin-russian-oil-price-cap-eu-ban-production-cut-2022-12">stupid</a>," while former-President Dmitry Medvedev warned the west would "<a href="https://markets.businessinsider.com/news/commodities/russia-oil-price-cap-collapse-g7-ukraine-war-funding-retaliation-2022-7">face the wrath of God</a>" for punishing Russia.But the economic isolation and limited trade with allies have already started to <a href="https://markets.businessinsider.com/news/commodities/russia-central-bank-western-oil-price-cap-eu-ban-economy-2022-12">hack away at Russia's economy</a>, with the nation's GDP set to <a href="https://www.businessinsider.com/russia-gdp-economy-recession-8-months-after-ukraine-invasion-putin-2022-11">contract around 3% this year</a>, according to its central bank.<h3>Sam Bankman-Fried's stunning, bizarre downfall</h3><div type="image" title="Sam Bankman-Fried" height="3739" width="7479" msid="96574897" hostid="261" sizebytes="959126"></div>Capping off a wild 2022 was the fall of the second-largest cryptocurrency exchange, FTX, helmed by a CEO once thought to be the benevolent face of the whole industry. Amid a run on the exchange's native token (<a href="https://twitter.com/cz_binance/status/1589283421704290306" target="_blank" rel="noopener">sparked likely by the CEO of FTX's biggest rival, Binance</a>), FTX declared bankruptcy on November 11.Amid restructuring proceedings, it was discovered that the exchange had no <a href="https://markets.businessinsider.com/news/currencies/ftx-bankruptcy-alameda-research-no-accounting-department-sam-bankman-fried-2022-11">in-house accounting department</a>, <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-bankruptcy-collapse-crypto-exchange-houses-bahamas-2022-11">shelled out millions for Bahamian vacation properties</a>, and had <a href="https://markets.businessinsider.com/news/currencies/ftx-crash-client-funds-alameda-binance-sbf-sec-cftc-probe-2022-11">commingled customer funds</a> with Alameda Research, the trading arm of Bankman-Fried's crypto empire.The fallen founder went a bizarre <a href="https://markets.businessinsider.com/news/commodities/sam-bankman-fried-media-tour-an-absolute-mistake-attorney-says-2022-12">month-long apology tour</a>, often giving rambling, contradictory, and possibly self-incriminating statements about the activities of the exchange and how he didn't knowingly defraud anyone. At the end of December, Sam Bankman-Fried was arrested in The Bahamas, extradited to the US, and has been charged with fraud, money laundering, and conspiracy.

From the college kid who made millions on a meme stock to Kim Kardashian's crypto misadventures, here are 7 of the craziest stories from markets in 2022

You Searched For "xiang guangda" and got 7 results

The London Metal Exchange will resume nickel trading with price caps Wednesday, after an epic short squeeze drove prices to $100,000

Hamza Fareed Malik

JPMorgan is the largest counterparty of the nickel 'big short' and is leading talks to contain the damage to the market: reports

Hamza Fareed Malik

The Chinese tycoon that lost billions betting against nickel reportedly wants to keep shorting the commodity

Matthew Fox

UK regulators will review the LME's messy halt to nickel trading, after it triggered outrage by canceling $3.9 billion in trades

Hamza Fareed Malik

Nickel plunges 5% and London Metal Exchange halts trading once again as chaos continues

Harry Robertson

The global hub for metal markets has halted nickel trading until March 11 after prices topped $100,000 per ton

Shalini Nagarajan

From the college kid who made millions on a meme stock to Kim Kardashian's crypto misadventures, here are 7 of the craziest stories from markets in 2022

Jennifer Sor