On Thursday, October 1, 2026, Cointelegraph reported that a US federal judge dismissed most of the claims brought against blockchain analytics firm Chainalysis by the litigation administrator for bankrupt crypto lender Celsius Network, while allowing a single claim to move forward.
The surviving claim accuses Chainalysis of aiding and abetting a breach of fiduciary duty by Celsius insiders. US District Judge Margaret Garnett rejected Chainalysis’ request to dismiss that claim in a ruling issued Tuesday, finding the complaint adequately alleged that the company knew a 2020 Celsius press release contained false statements and helped spread them.
Garnett dismissed 12 other claims with prejudice, meaning the plaintiffs cannot refile them in this case. Three consumer-protection claims were dismissed without prejudice. The plaintiffs have until Oct. 20 to amend those claims or notify the court that they will not do so.
The lawsuit centers on a December 9, 2020 press release in which Celsius announced an “audit” confirming roughly $3.3 billion in assets. The figure was reached using Chainalysis’ Reactor software and was based on transactions, total deposits and total withdrawals since Celsius launched the service in 2018.
According to the complaint, as summarized by the court, a Celsius executive first calculated about $1.18 billion in assets using Reactor. Changes to the methodology later pushed the figure to approximately $3.3 billion. The complaint alleges Chainalysis helped draft, edit, and approve the release, and knew that describing the work as an “audit” and “independent verification” was false or materially misleading.
The allegations have not been proven. Chainalysis had asked the court to dismiss the complaint in its entirety.
The suit was filed by Blockchain Recovery Investment Consortium (BRIC), which serves as litigation administrator and recovery manager for the Celsius estate. BRIC is pursuing claims on behalf of Celsius and certain former customers as part of an effort to recover funds for creditors.
Celsius filed for bankruptcy in July 2022 amid the crypto market crash. The company had frozen withdrawals a month earlier, leaving customers unable to access about $4.7 billion in assets.
Source: Cointelegraph
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