Celsius Faces a New Class Action Lawsuit in the US

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A group of custodial account holders at Celsius Network have petitioned the Bankruptcy Court for permission to withdraw their funds from the company.

The lawsuit brings together 64 investors who own $22.5 million worth of cryptos in the custodial service Celsius. The group is represented by law firm Togut, Segal & Segal.

The crypto lender suspended withdrawals, exchanges and transfers between accounts on June 13. A month later, on July 14, Celsius and some of its affiliates filed for Chapter 11 bankruptcy.

The platform presented a business reorganization plan focused on using the income of the mining subsidiary to pay off the claims of creditors. Celsius’ liabilities exceed the company’s assets by $2.85 billion.

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