Influential YouTuber threatens to sue cryptocurrency lending platform

Ben Armstrong, founder of BitBoy Crypto, accused cryptocurrency lending platform Celsius of illegally blocking access to funds on users' accounts and announced his readiness to file a class action lawsuit.

How Celsius and @Mashinsky are ACTIVELY SCAMMING PEOPLE RIGHT NOW THREAD:

Our account rep at @CelsiusNetwork is @ronald_loh. He told us we had enough money in our account to pay off a loan. But we can’t use money in our account. We HAVE TO SEND CELSIUS MORE MONEY TO PAY IT OFF.

— Bitboy Crypto (@Bitboy_Crypto) June 15, 2022

Celsius’s first problems began after the Terra project collapse, which provoked serious liquidity problems due to the cryptocurrency market crash. Later, they were exacerbated by the overall rapid decline in the entire cryptocurrency market. The company suspended withdrawals on June 13 and transferred assets worth about $ 320 million to repay loans and avoid liquidation on decentralized finance (DeFi) platforms.