Judge Lets One Celsius Claim Against Chainalysis Move Forward

Overview

• A federal judge in the Southern District of New York ruled on Sept. 29 that one aiding-and-abetting/fiduciary-duty claim against Chainalysis may proceed while dismissing most other counts.
• The surviving claim centers on a Dec. 9, 2020 Celsius press release that described $3.318 billion in assets as “audited,” quoted Chainalysis executive Jason Bonds, and is alleged to have relied on a methodology change that inflated an earlier $1.177 billion Reactor calculation.
• Twelve consumer-protection counts were dismissed with prejudice and cannot be refiled, three counts were dismissed without prejudice and may be amended by Oct. 20, 2026, and the court’s motion-to-dismiss ruling does not find Chainalysis liable.
• Chainalysis argued defenses including that Celsius insiders bore primary responsibility and denied the allegations, and the judge declined to resolve that factual dispute at this procedural stage.
• The decision leaves open a test case for third-party verifiers and is one strand of the Celsius estate’s wider recovery work, which includes separate suits and creditor distributions as the estate pursues funds for former customers.