{"id":253708,"date":"2022-08-24T20:00:58","date_gmt":"2022-08-24T14:30:58","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=253708"},"modified":"2022-08-24T15:12:14","modified_gmt":"2022-08-24T09:42:14","slug":"celsius-countersues-keyfi-and-alleges-incompetence-and-deceit","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\/","title":{"rendered":"Celsius countersues KeyFi and alleges &#8216;incompetence and deceit&#8217;"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Celsius, the New Jersey-based bankrupt cryptocurrency lending company, has countersued decentralized DeFi aggregator KeyFi and its CEO Jason Stone. It is claiming that KeyFi lost CEL worth millions of dollars through incompetence and deceit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Celsius\u2019s suit comes on the heels of KeyFi suing Celsius a few weeks back for allegedly failing to honour a profit-sharing agreement.<\/span><\/p>\n<h4><b>Mismanagement and deceit?<\/b><\/h4>\n<p>Celsius <a href=\"https:\/\/www.docdroid.net\/kvayMU5\/cel-v-keyfi-pdf#page=2\">claims<\/a> that KeyFi CEO Jason Stone falsely represented himself as a pioneer and expert in coin staking and decentralized finance investments. However, KeyFi allegedly lost coins from Celsius wallets worth millions of dollars due to mismanagement and deceit. Celsius also alleges that KeyFi used these stolen coins to buy hundreds of NFTs and transferred them to its wallets. It has also sold some of these assets for seven-figure returns, the lawsuit alleges.<\/p>\n<p>Celsius also alleges in its lawsuit that Stone and KeyFi relied on the cryptocurrency mixer, Tornado Cash.\u00a0Stone and KeyFi laundered millions of dollars of Celsius property<span style=\"font-weight: 400;\"> on multiple occasions using the same, it added. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tornado Cash was recently <\/span><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0916\"><span style=\"font-weight: 400;\">blacklisted<\/span><\/a><span style=\"font-weight: 400;\"> by the U.S. Department of the Treasury due to its use in multiple money laundering cases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Celsius has demanded that KeyFi should be made to pay punitive damages for its criminal misconduct.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The suit also claims that in August 2020, Celsius and Stone agreed that Celsius would set up a wholly-owned subsidiary to acquire KeyFi assets and operate Celsius\u2019s staking and DeFi activities with Stone as the CEO of that subsidiary. When Celsius found out that KeyFi had been using Celsius coins for other purposes, it asked Stone to return the coins.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In late March 2021, Stone replied that the KeyFi team would ensure the &#8220;complete return of all Celsius tokens (principal + interest earned) managed by KeyFi by the end of April at the latest.&#8221;<\/span><\/p>\n<h4><b>KeyFi\u2019s allegations against Celsius<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">It was only in early July that KeyFi<\/span> <a href=\"https:\/\/iapps.courts.state.ny.us\/nyscef\/ViewDocument?docIndex=RvF30Mz2IZW63s1mjjau2Q==\"><span style=\"font-weight: 400;\">sued<\/span><\/a><span style=\"font-weight: 400;\"> Celsius for allegedly not honouring a profit-sharing agreement and failing to pay KeyFi millions of dollars.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A MoU was signed by<\/span><span style=\"font-weight: 400;\"> KeyFi<\/span><span style=\"font-weight: 400;\"> and Celsius, requiring KeyFi to operate as Celsius KeyFi, a Celsius-owned subsidiary. Both the groups worked together during August 2020- March 2021.<\/span><\/p>\n<p>Stone also <a href=\"https:\/\/twitter.com\/0x_b1\/status\/1545153653853638657?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1545153655254433794%7Ctwgr%5Ef76d9bcaee5556d0f21d6dbebc18e73aab7a4e32%7Ctwcon%5Es2_&amp;ref_url=https%3A%2F%2Fambcrypto.com%2Fkeyfi-ceo-sues-celsius-on-grounds-of-failing-to-uphold-the-contract-and-more%2F\">claimed<\/a> on Twitter that Celsius took new loans with high interest rates to repay former depositors and creditors, acting like a Ponzi scheme. He also added that while Celsius informed that it would hedge any potential impermanent loss from the joint operations in liquidity pools, it did not do so.<\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;The entire company\u2019s portfolio had naked exposure to the market.&#8221;<\/span><\/p><\/blockquote>\n<h4><b>Unending battles<\/b><\/h4>\n<p>It was in July this year that Celsius<a href=\"https:\/\/www.wsj.com\/articles\/crypto-crash-drags-lender-celsius-network-into-bankruptcy-11657758483\"> filed<\/a> for Chapter 11 Protection in the U.S, leaving its 1.7 million users in a panic. <a href=\"https:\/\/www.uscourts.gov\/services-forms\/bankruptcy\/bankruptcy-basics\/chapter-11-bankruptcy-basics\">Chapter 11<\/a> of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.<\/p>\n<p><span style=\"font-weight: 400;\">During the crypto crash in May,<\/span><span style=\"font-weight: 400;\">\u00a0Celsius was<\/span><a href=\"https:\/\/www.ft.com\/content\/61334d19-fb25-4492-83d0-78c3cfec4df8\"> <span style=\"font-weight: 400;\">reported<\/span><\/a> <span style=\"font-weight: 400;\">to have witnessed a 50% decline in the value of its assets. The same month, two leading digital tokens, viz. Luna and TerraUSD, collapsed. The Wall Street Journal<\/span> soon <a href=\"https:\/\/www.wsj.com\/articles\/search-continues-for-source-of-terrausd-crypto-bank-run-11654348117?mod=article_inline\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> the analytics firm Nansen\u2019s findings that Celsius was involved in the crisis, despite a denial.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Celsius, the New Jersey-based bankrupt cryptocurrency lending company, has countersued decentralized DeFi aggregator KeyFi and its CEO Jason Stone. It is claiming that KeyFi lost CEL worth millions of dollars through incompetence and deceit. Celsius\u2019s suit comes on the heels of KeyFi suing Celsius a few weeks back for allegedly failing to honour a profit-sharing<a href=\"https:\/\/ambcrypto.com\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\/\">Continue reading <span class=\"sr-only\">&#8220;Celsius countersues KeyFi and alleges &#8216;incompetence and deceit&#8217;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":253710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-253708","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Celsius countersues KeyFi and alleges &#039;incompetence and deceit&#039; - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Celsius claims that KeyFi CEO Jason Stone falsely represented himself as a pioneer and expert in coin staking and decentralized finance...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Celsius countersues KeyFi and alleges &#039;incompetence and deceit&#039; - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Celsius, the New Jersey-based bankrupt cryptocurrency lending company, has countersued decentralized DeFi aggregator KeyFi and its CEO Jason Stone. It is\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-24T14:30:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/08\/court-5161278_1280-e1661333981178.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"849\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Saman Waris\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SamanWaris11\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Saman Waris\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\\\/\"},\"author\":{\"name\":\"Saman Waris\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/ad73a5a061fcfc27548aa27112d8b9d8\"},\"headline\":\"Celsius countersues KeyFi and alleges &#8216;incompetence and deceit&#8217;\",\"datePublished\":\"2022-08-24T14:30:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\\\/\"},\"wordCount\":539,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2022\\\/08\\\/court-5161278_1280-e1661333981178.png\",\"articleSection\":[\"Global News\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\\\/#respond\"]}],\"copyrightYear\":\"2022\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/celsius-countersues-keyfi-and-alleges-incompetence-and-deceit\\\/\",\"name\":\"Celsius countersues KeyFi and alleges 'incompetence and deceit' - 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