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      U.S. Court Dismisses Most Claims in Celsius vs. Chainalysis Case

      A U.S. federal judge has dismissed the majority of claims in the legal battle between Celsius Network and blockchain analytics firm Chainalysis. U.S. District Judge Margaret Garnett, presiding in the Southern District of New York, ruled on Tuesday that while most allegations were unfounded, one incitement charge against Chainalysis will proceed. The judge determined that the complaint adequately suggests Chainalysis was aware of misleading statements made by Celsius in a 2020 press release and played a role in disseminating that information.

      The lawsuit was initiated by the Blockchain Recovery Investment Consortium (BRIC), which serves as the litigation administrator for Celsius's bankruptcy estate. BRIC represents Celsius and certain former clients in asserting their rights. The court dismissed 12 claims with prejudice, preventing any amendments, while three consumer protection claims were dismissed without prejudice, allowing for amendments or further notification by October 20.

      Central to the case is a controversial $3.3 billion audit that Celsius conducted in 2020 using Chainalysis's Reactor software. Initially, a Celsius executive reported approximately $1.18 billion in managed assets, but this figure was later adjusted to about $3.3 billion, raising questions about the accuracy of the methodology used. Chainalysis has not provided any comments regarding the ongoing litigation.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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