YouTuber threatens to sue Celsius

Crypto YouTuber Ben Armstrong is planning to file a class-action lawsuit against Celsius and the company’s founder Alex Mashinsky.

The lawsuit seeks to bring Celsius to accountability over an issue that has prohibited the YouTuber from paying his loans with funds currently on the platform, and instead being asked to deposit new funds.

After making several threats on Twitter earlier this week, Armstrong is finally getting closer to taking the matter more seriously, looking for support from others who have experienced the same problem with Celsius.

One of his messages describing the problem said: “Our account rep told us we had enough money in our account to pay off a loan. But we can’t use money in our account. We HAVE TO SEND CELSIUS MORE MONEY TO PAY IT OFF.”

He took issue with the fact that Celsius had previously blocked withdrawals, calling it “insolvent”.

Addressing social media denizens, Armstrong asked whether it made any sense for the company to not only block cashing out, but also ask consumers to send it more money to stay afloat.

Plaintiffs and attorneys have already come to Armstrong’s rescue and he seems to be preparing to take further action.

Armstrong has a lot of pull in the cryptocurrency community. His BitBoy Crypto YouTube channel is the second most-subscribed channel on the platform.

Armstrong said that he and others have become a victim of Celsius. “And today I’m the victim. Kicking myself for wondering how I let this get so bad and so far”, the YouTuber said.

Even a lawsuit may come too late, as Celsius could potentially file for bankruptcy which will in turn automatic stay and cancel out demands by creditors to pursue collection.

If you want to use your cryptocurrencies smartly, use self-custodied wallets instead and always rely on recreational websites. We recommend stopping by 1xBit, Bitcasino or FortuneJack.


Updated: 06/16/2022 — 11:00