BitBoy Founder Threatened to Sue Celsius in a Class-Action Lawsuit
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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.
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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 AAVE.
Celsius is said to have hired restructuring lawyers from Akin Gump Strauss Hauer & Feld to help solve its financial problems. Still, Armstrong believes these lawyers "mostly prepare corporations for bankruptcy." He said,
"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,"
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.