{"id":48811,"date":"2022-06-16T17:31:48","date_gmt":"2022-06-16T15:31:48","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=48811"},"modified":"2022-06-16T17:31:48","modified_gmt":"2022-06-16T15:31:48","slug":"bitboy-founder-ben-armstrong-plans-to-sue-celsius","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitboy-founder-ben-armstrong-plans-to-sue-celsius\/","title":{"rendered":"BitBoy Founder Ben Armstrong Plans To Sue Celsius"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\"><strong>BitBoy founder and renowned YouTube influencer Ben Armstrong<\/strong> is reportedly moving to <strong>file a petition against <a href=\"https:\/\/crypto-economy.com\/celsius-toppled-on-its-wholesale-crypto-investments-analysts\/\">Celsius<\/a><\/strong>. Just like BitBoy, there is a <strong>greater number of users<\/strong> who feel the need of taking the exact same step. But there is a chance their voices may be <strong>left unheard<\/strong> as Celsius still has <strong>not declared bankruptcy<\/strong>.<\/span><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Users are complaining of being <strong>unable to carry out withdrawals<\/strong> after being forced into HODL mode. The <strong>HODL mode<\/strong> prevents users to carry out transactions within a course of 24 hours after <strong>account deactivation<\/strong>. This is primarily considered a<strong> security feature<\/strong>. It protects the assets of the users in cases of any <strong>cyberattacks or a security breach<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Celsius abruptly <strong>halted<\/strong> its withdrawals on <strong>Sunday<\/strong> without providing any possible hints of resumption. Therefore, users <strong>grew impatient<\/strong> and decided that the only possible solution was to take the firm to <strong>court<\/strong>.<\/span><\/p>\n<h2 style=\"text-align: justify\"><span style=\"font-weight: 400\">Action Lawsuit of BitBoy<\/span><\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">How Celsius and <a href=\"https:\/\/twitter.com\/Mashinsky?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@Mashinsky<\/a> are ACTIVELY SCAMMING PEOPLE RIGHT NOW THREAD:<\/p>\n<p>Our account rep at <a href=\"https:\/\/twitter.com\/CelsiusNetwork?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@CelsiusNetwork<\/a> is  <a href=\"https:\/\/twitter.com\/ronald_loh?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@ronald_loh<\/a>. He told us we had enough money in our account to pay off a loan. But we can\u2019t use money in our account. We HAVE TO SEND CELSIUS MORE MONEY TO PAY IT OFF.<\/p>\n<p>&mdash; Ben Armstrong (@Bitboy_Crypto) <a href=\"https:\/\/twitter.com\/Bitboy_Crypto\/status\/1537017691298480128?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 15, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\"><strong>Crypto-based YouTuber<\/strong>, BitBoy, is the main proposer of the lawsuit. In a <strong>Twitter<\/strong><\/span><strong> thread<\/strong><span style=\"font-weight: 400\">, he stated that the goal was to launch a <strong>class action lawsuit against Celsius<\/strong>. BitBoy stated that its Celsius <strong>account representative<\/strong> informed them that the loaned funds <strong>could not be paid off<\/strong> despite him having a <strong>sufficient amount<\/strong> as a balance. Moreover, he was asked to <strong>deposit extra funds<\/strong> in order to pay off the loans under discussion.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-48813\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/37aec248-17dc-462d-9121-b6c64d96feff.jpg\" alt=\"Celsius\" width=\"699\" height=\"280\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The main basis of the lawsuit is mainly the question if it is legal for a certain institution to <strong>freeze all funds without any prior announcement<\/strong>. Despite the firm\u2019s continuous affirmations to the users over the <strong>safety<\/strong> of their assets, users still fear that the firm itself might go <strong>bankrupt<\/strong> soon.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">If Celsius decides to treat its users as <strong>unsecured creditors<\/strong> within its petition of bankruptcy, then users are bound to lose all of their funds without any possibility of <strong>legal reimbursement<\/strong>. Also, Celsius is also under strict scrutiny by<strong> US-based local regulators<\/strong>.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">BitBoy has established its reputation as a crypto influencer, well known for its <strong>pump and dump schemes<\/strong> revolving around altcoins. The YouTube account has over <strong>1.45 million subscribers<\/strong>. Also, Ben Armstrong has an estimated <strong>total net worth of $28 Million<\/strong>. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Based on his subscriber base, it is <strong>fairly easy<\/strong> to assume he could harness greater support in his lawsuit against Celsius. It is still a matter of conjecture if the firm would be able to <strong>survive<\/strong> the action class lawsuit or not. As of now, Celsius is <strong>fully committed<\/strong> to <strong>resuming withdrawals<\/strong> as soon as possible.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BitBoy founder and renowned YouTube influencer Ben Armstrong is reportedly moving to file a petition against Celsius. Just like BitBoy, there is a greater number of users who feel the need of taking the exact same step. But there is a chance their voices may be left unheard as Celsius still has not declared bankruptcy.<\/p>\n","protected":false},"author":22,"featured_media":48812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[5275,4656],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48811"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=48811"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/48812"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=48811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=48811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=48811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}