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BEN ARMSTRONG ALLEGATION ON CELSIUS: WON’T LETTING WITHDRAW MONEY

BEN ARMSTRONG ALLEGATION ON CELSIUS: WON’T LETTING WITHDRAW MONEY

Just two weeks after appearing in ask me anything (AMA) with Celsius founder Alex Mashinsky, crypto Youtuber Ben Armstrong announced his intention to file a class lawsuit against the borrowing platform and its chief executive.


Armstrong made official threats via Twitter on Wednesday and has provided more details on a number of threads. His case focuses on the inability to repay the loan with the money available on the platform, and instead, a new loan must be paid to repay the loan:


“[Our attorney] told us we had enough money in our account to repay the loan. But we can't use the money in our account. WE MUST SEND CELSIUS ONE MONEY TO PAY. ”

"Think of a debt-free company that could pay off your debts.


Armstrong said he is currently working on a process to get all "disclosures, documents, loan details, etc." when he talks to lawyers to explore the best ways to perform class action. Fellow protesters are yet to be added as Armstrong "has not yet officially begun the movement."


BitBoy Crypto is the second largest YouTube crypto account with about 1.45 million subscribers and offers primarily comments on market news / events. The channel is behind the Coin Bureau alone with its 2.07 million subscribers. BitBoy Crypto has many opponents, too, some of whom claim to have been paid to promote questionable crypto assets in the past.


Armstrong's feelings about Celsius changed two weeks ago when he was featured on the Ask me anything (AMA) session with Mashinsky on Celsius' YouTube channel.


“And today I am a victim. I was shocked and wondered how I could stop this from happening so far, ”he said.


Celsius fights shortages or suffers from severe financial crisis due to the collapse of the crypto market. The company suspended its withdrawal on Monday, and reportedly reportedly exchanged $ 320 million assets to repay the loan and avoid the termination of a fixed financial platform (DeFi) such as Aave.


One potential problem in the case of Celsius is that the files are being scammed because it will create a so-called “automatic sit,” which could prevent creditors from doing corporate collection work.


Celsius reportedly approached Akin Gump reorganization attorneys Strauss Hauer & Feld to find possible solutions to their financial problems. However, Armstrong says that these types of lawyers "work specifically to prepare companies that are going to collapse."


"Even if Celsius collapses, we have found a way to continue the trial (which was not brought about by the collapse). Unfortunately I have to keep it close to the vest for now, ”he said.



With regard to refunds from Celsius, there seems to be at least a potential option for users under $ 25,000 on the platform to receive their goods in the near future. Joshua Browder, co-founder of Robotics' DoNotPay robots, tweeted a step-by-step strategy on Wednesday on how users can recoup:


“So far, these talks have not been applied for protection against extinction. Therefore, they are subject to minor court decisions. Small claims court cases usually take 1-2 months. As long as this lasts longer than that, it will work. ”

Source: cointelegraphy




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