Celsius Settles Lawsuit with Ex-Partner KeyFi Amid Fraud, Breach Allegations

IconCryptoNewsTerminal Staff05 Jul, 2024

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Celsius Settles Lawsuit with Ex-Partner KeyFi Amid Fraud, Breach Allegations

Celsius (CEL) has reached a settlement in a three-year lawsuit with KeyFi founder Jason Stone, according to the Block. KeyFi had accused Celsius of "market manipulation," alleging that Celsius used customer deposits to inflate the price of CEL and manipulate the market, which put KeyFi at risk. Celsius countersued, blaming KeyFi for its bankruptcy. The terms of the settlement were not disclosed. Celsius and KeyFi had partnered in the past, with KeyFi handling some of Celsius' deposits. A settlement brings an end to a legal battle that has spanned several years and involved allegations of fraud and breach of contract.