Chainalysis Faces Trial Over Role in Celsius's Disputed $3.3B Audit

A US judge has allowed a case against blockchain analytics firm Chainalysis to proceed over its role in Celsius's disputed $3.3 billion 'audit' in 2020.

The surviving claim accuses Chainalysis of aiding and abetting alleged breaches of fiduciary duty by Celsius insiders, who allegedly made false statements about assets under management using the company's Reactor software system.

Celsius initially announced that Chainalysis had confirmed $3.318 billion in assets using its Reactor software system, but an investigation found that the calculation was based on a flawed methodology and included the value of Celsius's own CEL holdings.

The court dismissed 15 consumer-protection claims brought against Chainalysis, but allowed one fiduciary-duty claim to proceed, which alleges that Chainalysis knew statements were false and helped disseminate them.