Sunday, June 16, 2024
HomeLaw & PoliticsFamous Crypto Youtuber Ben Armstrong files lawsuit against Celsius over frozen account

Famous Crypto Youtuber Ben Armstrong files lawsuit against Celsius over frozen account

Crypto Youtuber Ben Armstrong, ready to file the class-action lawsuit against Celsius. Frustrated Celsius users are considering filing a class-action lawsuit against the crypto lender after their accounts were frozen.

Celsius Network, a crypto lending firm, paused all withdrawals, swaps and transfers between the accounts indefinitely on June 12 citing extreme market conditions amid Terra ecosystem collapse. However, the lending firm paused the users accounts without any prior notice and with no update on when they would resume. Users have vowed to file a lawsuit if it does not comply with their demands. Following an AMA with Celsius creator Alex Mashinsky, crypto Youtuber, Ben Armstrong, popularly known as Bitboy crypto, declared his intention to pursue a class-action lawsuit against the lending firm and its CEO.

On June 15, crypto YouTuber and Bitboy founder, Ben Armstrong tweeted:

Armstrong shared the details regarding the class-action lawsuit against Celsius and its CEO on the twitter thread on June 16. He stated that as his account is frozen; he is unable to pay down loans using existing cash on the platform rather than having to deposit fresh money to do so.

Armstrong went on to say that he is now gathering all “disclosures, records, loan data, and so on,” as well as consulting with attorneys to figure out the best course of action. Armstrong hasn’t “formally begun moving” yet, thus there aren’t any co-plaintiffs yet.

Celsius is claimed to have enlisted the expertise of Akin Gump Strauss Hauer & Feld restructuring lawyers to help it resolve its financial issues.

Nonetheless, Armstrong argues that these attorneys “primarily prepare firms for bankruptcy.” He explained by tweeting:

 

Read more:

Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

five × four =

- Advertisment -

Most Popular