In a recent ruling, a US federal judge dismissed the majority of claims against Chainalysis brought by Celsius Network's litigation administrator, yet one significant claim remains active. The case centers around allegations that Chainalysis aided Celsius insiders in breaching their fiduciary duties.
US District Judge Margaret Garnett ruled that the aiding-and-abetting claim was sufficiently substantiated, indicating that Chainalysis had knowledge of false statements in a 2020 Celsius press release and assisted in their dissemination. This decision allows the claim to move forward while 15 other claims were dismissed with prejudice.
Three consumer-protection claims were dismissed without prejudice, giving plaintiffs until October 20 to amend or withdraw them. The lawsuit is part of Celsius' ongoing efforts to recover funds for creditors following its bankruptcy filing in July 2022, which left customers unable to access approximately $4.7 billion in assets.
The controversy stems from a 2020 audit conducted by Chainalysis, where initial asset calculations were significantly altered, leading to a publicized figure of around $3.3 billion. The complaint alleges that Chainalysis was complicit in misrepresenting the nature of its work as an independent audit.
As the case unfolds, Chainalysis has refrained from commenting, while Celsius' litigation administrator has not provided a response. The outcome of this lawsuit could have significant implications for both parties involved.