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Celsius sues DeFi contractor and crypto protector Prime Trust

Celsius Network has filed a lawsuit against former KeyFi contractor and founder Jason Stone. Blok writes about it.

The crypto lending platform has filed a complaint with the Bankruptcy Court for the Southern District of New York. He accused the defendant of transferring “tens of millions of dollars” worth of Celsius coins into KeyFi-controlled wallets. Stone used the Tornado Cash service to hide his actions.

The statement stated that Celsius lent the cryptocurrencies to KeyFi for staking, but then requested that it be returned. The document emphasizes that for most assets this is a success, but a “significant drawback”.

“Later, Stone’s repeated assurances that all Celsius-owned coins (and the “profit” platform owed) would be returned were found to be false. He was trying to hide the fact that KeyFi lost or stole money.” it says in the statement.

The document also alleges that the defendant bought “hundreds of NFTs” with Celsius money. This violated existing agreements. Stone and his company emphasized that in a lawsuit against Celsius, the non-tradable tokens were agreed with platform CEO Alex Mashinsky as compensation.

Six weeks ago, KeyFi accused Celsius of refusing to meet its contractual obligations. Stone stressed that the accused owed “a substantial amount of money” to his organization.

KeyFi worked with Celsius from August 2020 to April 2021. The company stakes on behalf of the lending platform and implements DeFi-focused investment strategies for it.

On August 23, the platform also filed a lawsuit against the Prime Trust, seeking the refund of $17 million that the guardian allegedly failed to return. The statement states that the partners terminated the agreement in June 2021, but the defendant refused to transfer 398 BTC, 196,268 CEL, 3,740 ETH and $2.2 million.

“After considering the case [Celsius] In accordance with the law, Prime Trust had to transfer all property belonging to the platform, including the crypto-assets in question.”says document.

Recall that on June 13, Celsius Network suspended withdrawals, swaps and transfers between accounts. A month later, on July 14, the platform and some of its subsidiaries filed for bankruptcy.

That same month, the company announced a business restructuring plan focused on its mining division.

The “hole” in Celsius Network’s balance sheet was $2.85 billion, according to the most recent estimate.

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Source: Fork Log



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