On July 7, 2022, a pseudonymous non-fungible token (NFT) collector known as “0xb1” discussed the collector’s identity and relationship with the crypto-finance company Celsius A Twitter thread has been published in which 0xb1, aka Jason Stone, says his team found “major problems with the way the company is run,” and Stone told Celsius that his team would terminate the relationship in March 2021. When the team began to dissolve Defy’s position, Stone says Celsius suffered an unmitigated loss and accused him of being a thief.
The founder of Keyfi, also known as “0xb1,” sues crypto lender Celsius
Jason Stone, founder of Keyfia decentralized financial (defi) aggregator startup that was funded by Celsius, Jason Stone has accused Celsius of practicing many bad standards, including “running a Ponzi scheme.” Stone took to Twitter to appeal to the masses, using an account called “,” 0xb1used the account “0xb1“, a well-known NFT whale account in the crypto industry with 121,200 Twitter followers.Bitcoin.com News reported that 0xb1 will sign a contract in October 2021 with talent agency Creative Artists Agency (CAA) and reported that the company has signed a contract with CAA.
Hello everyone. My name is Jason Stone, and from August 2020 to April 2021, I led a group of talented individuals who managed the 0xb1 address.
– 0xb1 (@0x_b1) July 7, 2022
Mr. Stoneused the official 0xb1 Twitter account on Thursday to say that from August 2020 to April 2021, he and a “talented group of individuals” 0xb1said in a Twitter thread that he managed the address and that he felt it was “prudent to finally set the record straight.” When Celsius partially acquired Keefe, Stone explained that by the time the two companies went their separate ways, his team had “managed about $2 billion in assets.”
Keefe’s founder then detailed that Celsius assured him that the company was “risk managed and hedged to account for token price volatility.” However, in late February 2021,” Stone writes, “we discovered that Celsius had lied to us.” They were not hedging our activities, nor were they hedging the fluctuations in crypto asset prices. The company’s entire portfolio was exposed naked to the market,” he added.
Celsius “ran a Ponzi scheme,” the suit says, and Stone aims to “finally set the record straight”
From its 0xb1 Twitter account, Stone also released court filings, saying that it had taken legal action against Celsior. It details thelawsuit, stating, “It has recently come to light that Celsius does not have the assets on hand to meet its withdrawal obligations and that the defendant was in fact operating a Ponzi scheme.” The lawsuit, however, alleges that the parties acted together “without a formal written agreement” and that the two parties “acted together ‘for mutual benefit … . engaged in an undertaking ‘based on mutual respect and trust,'” noting that Stone is being defended by the crypto-boutique law firmRoche Freedman LLP.
The lawsuit and Stone’s Twitter thread explain that he repeatedly attempted to resolve his disputes with Celsius in a personal manner. The filing, registered in New York State, states, “On September 1, 2021, Kyle Roche, as attorney for Stone and Keefe, again emailed Mr. Hurley, demanding that Celsius pay Earnout or else promise to pay for an accounting and agree to mediation. Celsius refused, and at the end of the thread on the 0xb1 Twitter account, Stone said.
Given my observations about the loose relationship between public speculation about the company’s solvency and the truth about Celsior, I feel it is only prudent to finally set the record straight. I have filed suit against Celsior to settle this matter.
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