Celsius Network Sues Over 5,000 Customers for 90-Day Pre-Bankruptcy Withdrawals in New York Courts

Jul 5, 2024, 05:19 PM

Celsius Network has initiated legal action to recover funds from over 5,000 customers who withdrew their money within 90 days before the company declared bankruptcy. The lawsuits have been filed in New York courts and target withdrawals ranging from $2 to over $1 million. Celsius is attempting to claw back these funds based on June 14, 2024 market rates instead of 2022 rates. The legal action has sparked concern among the crypto community, with some users calling for collective resistance against the lawsuits. The lawsuits are being referred to as 'ICE COLD LAWSUITS' and focus on pre-bankruptcy withdrawals from the crypto exchange, which has been accused of lying about its reserves.