Court Dismisses Most Claims in Celsius Lawsuit Against Chainalysis

A U.S. federal judge has dismissed the majority of claims brought by the Celsius bankruptcy estate against blockchain analytics firm Chainalysis, while allowing one count of aiding and abetting to proceed. Judge Margaret Garnett of the U.S. District Court for the Southern District of New York ruled that the complaint sufficiently alleged that Chainalysis knew a 2020 Celsius press release contained false statements and assisted in their dissemination. Twelve other claims were dismissed with prejudice, while three consumer protection claims were dismissed without prejudice, with a deadline of October 20 for the plaintiff to amend. The lawsuit, filed by the Blockchain Recovery Investment Consortium (BRIC), centers on a 2020 incident where Celsius used Chainalysis's Reactor software to calculate its assets under management, which it then publicly characterized as an audit.