Keyfi Founder Sues Celsius — Says Crypto Lender’s Entire Portfolio Had ‘Naked Exposure to the Market’ – Bitcoin News

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On July 7, 2022, the pseudonymous unbreakable token (NFT) collector known as “0xb1” released a Twitter thread that discusses the collector’s true identity and his relationship with the crypto loan company Celsius. According to 0xb1, otherwise known as Jason Stone, his team found “serious problems with how the company worked,” and Stone told Celsius that his team would end its relationship in March 2021. When the team began to develop challenging positions, Stone says, that Celsius suffered. a temporary loss and accused him of being a thief.

Keyfi founder, also known as ‘0xb1’, asks Crypto Lender Celsius

Jason Stone, the founder of Keyfi, a decentralized finance (challenge) aggregation company in which Celsius had an interest, accused Celsius of practicing a number of bad standards including “operating a Ponzi scheme.” Stone addressed the public via Twitter and used an account called “0xb1, ”A well-known NFT whale in the crypto industry with 121,200 Twitter followers. Bitcoin.com News reported on 0xb1 signing an agreement with the talent agency Creative Artists Agency (CAA) in October 2021.

Stone said on Thursday, using the official Twitter account 0xb1 that he and a “group of talented individuals” managed the address 0xb1 from August 2020 to April 2021. In the Twitter thread, he said he feels “only prudent to finally set up the register directly . ” When Celsius partially acquired Keyfi, Stone explained that when the two companies went separate ways, his team “managed nearly $ 2 billion in assets.”

Keyfi’s founder then detailed that Celsius had assured him that there was “risk management and coverage to account for fluctuations in symbolic prices.” “But in late February 2021, we discovered that Celsius was lying to us,” Stone wrote. “They did not cover our activities, nor did they cover the fluctuations in cryptocurrency prices. The portfolio of the entire company had bare exposure to the market,” he added.

Trial says Celsius “operated Ponzi scheme”, Stone aims to “Finally adjust the record”

From the 0xb1 Twitter account, Stone also shared a court case because he filed a lawsuit against Celsius. “The recent revelation that Celsius does not have the assets to perform his retirement duties shows that defendants actually operated a Ponzi scheme,” the process details. However, the lawsuit notes that the parties acted together “without any formal written agreement” and both parties were “engaged in an enterprise for ‘mutual benefit … based on mutual respect and trust.” Stone is represented by the crypto shop law. signature Roche Freedman LLP.

The lawsuit and Stone’s Twitter thread explain that he has tried on many occasions to resolve disputes with Celsius in a private manner. The file filed in New York State states: “On September 1, 2021, Kyle Roche, as a lawyer for Stone and Keyfi, again emailed Mr. Hurley demanding that Celsius make the winning payment, or otherwise commit to paying bills and accounting. agree to mediation. Celsius refused. ” At the end of the 0xb1 Twitter account thread, Stone said:

Considering the public conjecture about the firmness of the firm, and my observation of Celsius ’loose relationship with the truth, I feel it is only prudent to finally correct the record. I have taken legal action against Celsius to settle this matter once and for all.

Tags in this story

0xb1 address, 0xb1 NFT whale, 0xb1 Twitter account, Celsius, Court Filing, Cryptocurrency lender, Hedging, Jason Stone, Jason Stone lawsuit, Keyfi, Keyfi founder, Kyle Roche, Trial, legal proceedings, New York Court, Ponzi Scheme , risk, Roche Freedman LLP, Solvency, Twitter Statement

What do you think of the problems between Jason Stone and Celsius and the lawsuit? Let us know what you think about this topic in the comment section below.

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Jamie Redman

Jamie Redman is the News Leader at Bitcoin.com News and a financial technical journalist residing in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruption protocols appearing today.




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