BitBoy founder threatens class action lawsuit against Celsius
Just two weeks after appearing in an ask me anything (AMA) with Celsius founder Alex Mashinsky, crypto Youtuber Ben Armstrong has announced he intends to file a class action lawsuit against the lending platform and its chief executive.
Armstrong made legal threats via Twitter on June 15, and has since provided more detail in multiple threads. His issue is centered on being unable to pay down loans with existing funds on the platform, and instead having to deposit new funds to pay the loans off:
“Imagine an insolvent company that you can’t withdraw your money from ASKING YOU TO SEND THEM MORE MONEY,” he added.
Armstrong stated that he is currently working through the process of getting all “disclosures, documents, loan details, etc” put together while speaking to attorneys to explore the best ways to go about the class action. Co-plaintiffs are yet to be added as Armstrong hasn’t “officially began moving” yet.
BitBoy Crypto is the second most subscribed crypto YouTube account with roughly 1.45 million subscribers and primarily provides commentary on market news/events. The channel is only behind Coin Bureau and its 2.07 million subscribers, although BitBoy Crypto has plenty of detractors too, some of whom allege that he has been paid to promote dubious crypto assets in the past.
Armstrong’s sentiments towards Celsius have swung wildly from just two weeks ago, when he was featured on the ask me anything (AMA) session with Mashinsky on Celsius’ YouTube channel.
“And today I’m the victim. Kicking myself for wondering how I let this get so bad and so far,” he said.
Celsius is battling either insolvency or it's experiencing severe liquidity troubles as a result of the crypto market plunge. The firm paused withdrawals on June
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