StakeHound argued that it misplaced the keys tied to 35,000 Celsius ETH nearly two years ago due to which it was relieved of its obligation to return the assets in question.
Bankrupt crypto lender Celsius is suing Switzerland-based liquid staking platform StakeHound for allegedly failing to return $150 million worth of crypto assets in Ether , Polygon , Polkadot , and other tokens.
Celsius claimed that it entrusted StakeHound with 40 million native MATIC tokens and 66,000 DOT tokens for staking in April 2021 for the staking platform’s liquid staking “stTokens.”with the US Bankruptcy Court for the Southern District of New York on Tuesday, Celsius further accused StakeHound of “wrongfully” withholding or otherwise “depriving” the crypto lender of possession of all of these valuable assets.
Besides failing to turn over certain tokens, StakeHound allegedly filed an arbitration agreement against Celsius to seek declaratory relief in Switzerland after it was confronted about its breaches of duty to the bankrupt crypto lender. In the Switzerland filing, StakeHound is alleged to have argued that it has “no obligation” to exchange the stTokens for other tokens and added that it had “misplaced” keys associated with “$70 million worth of native ETH.”The commencement of arbitration violates Section 362 of the United States Bankruptcy Code, Celsius said in its court filing.
“StakeHound should be required to immediately turn over Celsius’ property, pay compensatory damages arising from its breaches of contractual and other duties, and damages, sanctions, and attorneys’ fees associated with StakeHound’s willful misconduct, and should be temporarily and permanently enjoined from continuing its arbitration against Celsius in violation of the automatic stay.
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