Celsius Network Lawsuit: Crypto YouTuber BitBoy founder threatens class-action lawsuit Against Celsius
Ben Armstrong, nicknamed BitBoy, a crypto YouTuber and influencer, has vowed to sue Celsius Network in a class-action lawsuit.
After the Celsius Network declared that withdrawals would be halted, BitBoy says that the platform refused to let him withdraw money and instead demanded additional money.
Here's what BitBoy had to say about a Celsius crypto Network lawsuit on Twitter during this major crypto meltdown.
Celsius Network vs. BitBoy
Armstrong took to Twitter to criticize Celsius Network, stating that the company is refusing to let him take his cash.
He went on to explain the problem, saying that he couldn't pay off debts with the money he already had in Celsius. Instead, he said that the network urged him to deposit additional monies to pay off the loans.
Imagine an insolvent company that you can’t withdraw your money from ASKING YOU TO SEND THEM MORE MONEY.
— Ben Armstrong (@Bitboy_Crypto) June 15, 2022
Literally defies logic. So you may be asking yourself the question, “why would they not let you pay off the loan with money/crypto/stables that are already in your account?”
Armstrong went on to say that the firm was defrauding people, calling it a "pure scam" that was "on its way to bankruptcy." He suspected that the corporation lacked the cash to compensate users.
BitBoy went on to say:
"I believe we all assumed Celsius Network was being responsible and making returns in safe conditions but, in truth, they're just defi degens who had no idea what they were doing."
Armstrong said that he and his legal team are presently preparing to sue the Celsius network and that they are reviewing "disclosures, paperwork, and loan information," as well as consulting with lawyers to determine the "best path ahead."
BitBoy Gets a Reaction From The Celsius Network
Armstrong's confrontational tone went viral on social media, leading the Celsius network to step in and diffuse the situation.
BitBoy received an email from the network, indicating that the issue had been resolved in an "amicable" way. They did, however, insist that BitBoy erase his tweets after identifying a person who worked at Celsius.
BitBoy reacted by claiming that the tweets will not be deleted. "They've come here to quiet me," he explained.
Here they come trying to silence me. I will not be deleting tweets. I did not dox this employee. His bio literally said worked at @CelsiusNetwork on a public account.
— Ben Armstrong (@Bitboy_Crypto) June 16, 2022
Employee identities are not kept hidden. How about maybe... just maybe... he should have done his job? pic.twitter.com/746fSwyZ8g
Celsius Network (CEL) is currently trading at $0.56, down 14% in the last week.