Celsius accused of fraud in lawsuit by former money manager

Jason Stone's KeyFi Inc. filed a complaint against the lending platform on Thursday, accusing it of fraud and calling it a Ponzi Scheme.

Jason Stone’s KeyFi Inc claims that Celsius behaved fraudulently and owes money to the firm from a profit-sharing agreement.Celsius has faced continued public scrutiny after halting withdrawals on its platform in June.

The filing goes on to say that Celsius had assured Stone its risk management team was monitoring its activity and their trading teams were “adequately hedging any potential impermanent loss from our activities in liquidity pools.” The filing goes on to claim that Celsius suffered severe losses during the 2021 crypto bull run, beginning in January 2021, as it had recklessly and fraudulently failed to hedge its investments.

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