After appearing in an "ask me anything" (AMA) with Celsius founder <a href="https://www.cryptoknowmics.com/news/celsius-ceo-alex-mashinsky-breaks-3-day-silence/" target="_blank" rel="noopener">Alex Mashinsky</a>, crypto Youtuber Ben Armstrong has announced he intends to file a class-action lawsuit against the lending platform and its chief executive. Armstrong made legal threats via Twitter on June 15 and has since provided more detail in multiple threads. His issue is centered on being unable to pay down loans with existing funds on the platform instead of having to deposit new funds to pay the loans off.

Armstrong added that he is now putting together all "disclosures, documents, loan details, etc." while engaging with attorneys to determine the best course of action. Armstrong hasn't "officially begun moving" yet, so co-plaintiffs have yet to be added.

https://twitter.com/Bitboy_Crypto/status/1537258327117373441

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<h2>BitBoy Crypto - Second Most Subscribed Crypto YouTube Account</h2>
With roughly 1.45 million subscribers, BitBoy Crypto is the second most subscribed crypto YouTube account, focusing on market news and events. Although BitBoy Crypto has plenty of detractors, some of whom believe that he has been paid to market questionable crypto assets in the past, the channel is only second to Coin Bureau with 2.07 million followers.

As a result of the crypto market crash, Celsius is either bankrupt or experiencing severe liquidity issues. On June 13, the company reportedly halted withdrawals and shifted around $320 million in assets to pay down loans and avoid liquidation on decentralized finance (DeFi) platforms like <a href="https://aave.com/" target="_blank" rel="nofollow noopener">AAVE</a>.

Celsius is said to have hired restructuring lawyers from Akin Gump Strauss Hauer &amp; Feld to help solve its financial problems. Still, Armstrong believes these lawyers "mostly prepare corporations for bankruptcy." He said,
<blockquote><em>"Even if Celsius does file bankruptcy, we have discovered some potential workarounds to do still a class action lawsuit (not effected by bankruptcy). Unfortunately, I have to keep that one close to the vest for now,"</em></blockquote>
In terms of recouping cash from Celsius, it appears to be possible for users with less than $25,000 on the site to get their money back shortly.

BitBoy Founder Threatened to Sue Celsius in a Class-Action Lawsuit

Celsius founder Alex Mashinsky, crypto Youtuber Ben Armstrong has announced he intends to file a class-action lawsuit against the lending platform and its chief executive.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

BitBoy Founder Threatened to Sue Celsius in a Class-Action Lawsuit

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