Chainalysis Escapes 15 Celsius Claims, but $3.3B Audit Case…

AI summary of the source article

Chainalysis has defeated 15 claims in a lawsuit brought by Celsius Network's litigation administrator, though U.S. District Judge Margaret Garnett allowed an aiding-and-abetting breach of fiduciary duty claim to move forward. The surviving claim alleges Chainalysis knew statements in a December 2020 Celsius press release were misleading and helped draft, edit, and approve the announcement describing a $3.3 billion asset figure as an "audit." Twelve counts were dismissed with prejudice due to issues such as statutes of limitations, while three state consumer-protection claims were dismissed without prejudice with leave to amend by October 20. The ruling does not establish liability.

Why it matters

The case tests whether a blockchain analytics provider can be held liable for allegedly helping a client give investors an inaccurate impression of an independent financial audit.

Key facts

• Judge Margaret Garnett dismissed 12 claims with prejudice and 3 claims without prejudice, leaving one aiding-and-abetting claim active against Chainalysis.
• The surviving claim centers on allegations that Chainalysis approved and helped draft a December 2020 press release misrepresenting roughly $3.3 billion in assets as an "audit."
• The Celsius litigation administrator has until October 20 to amend the three claims that were dismissed without prejudice.