Lawsuit Accuse Celsius Network of Crypto Fraud

A former investment manager at Celsius Network sued the crypto lender on Thursday, saying it used customer deposits to rig the price of its own crypto token and failed to properly hedge risk, causing it to freeze customer assets.

The complaint said Celsius ran a Ponzi scheme to benefit itself through “gross mismanagement of customer deposits,” and defrauded the plaintiff KeyFi Inc, run by the former manager Jason Stone, into providing services worth millions of dollars and refusing to to pay for them.

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Celsius had no immediate comment on the lawsuit, which seeks unspecified compensatory and punitive damages and was filed in New York state court in Manhattan.

Stone’s accusations follows Celsius’ June 12 decision to freeze withdrawals and transfers for its 1.7 million customers because of “extreme” market conditions.

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