{"id":81619,"date":"2023-07-12T17:25:30","date_gmt":"2023-07-12T14:25:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81619"},"modified":"2025-09-12T00:02:42","modified_gmt":"2025-09-11T21:02:42","slug":"celsius-seeks-return-of-150-million-from-stakehound-platform","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/celsius-seeks-return-of-150-million-from-stakehound-platform\/","title":{"rendered":"Celsius seeks return of $150 million from StakeHound platform"},"content":{"rendered":"

The Celsius Network, which is undergoing bankruptcy proceedings, accused \u043e\u0431\u0432\u0438\u043d\u0438\u043b\u0430<\/a> LSD<\/a>-platform StakeHound of breaching obligations regarding the placement of tokens totaling approximately $150.3 million.<\/p>\n

The amount includes approximately $120 million in Ethereum, $30 million in Polygon, and $300,000 in Polkadot.<\/p>\n

In addition to failing to return the tokens, the platform breached bankruptcy rules by initiating arbitration proceedings against the business in Switzerland, according to the document.<\/p>\n

Lawyers expect not only the return of assets but also compensation for damages and legal fees.<\/p>\n

In June 2021, StakeHound \u0441\u0432\u0435\u0440\u043d\u0443\u043b\u0430<\/a> its operations. According to Celsius’s lawyers, the platform refused to reverse-convert 35,000 so-called stTokens into Ethereum.\u00a0<\/p>\n

Representatives of StakeHound cited the loss of private keys required to perform the operation. In June 2021, the firm accused<\/a> Fireblocks, the custodian partner, of negligence, which led to this incident.<\/p>\n

In April 2023, as part of StakeHound’s bankruptcy proceedings, it stated that there were no obligations to exchange stTokens for ETH owed to Celsius.<\/p>\n

According to the lending platform’s lawyers, the initiation of arbitration violates Section 362 of the U.S. Bankruptcy Code.\u00a0<\/p>\n

Known as \u00ab\u0430\u0432\u0442\u043e\u043c\u0430\u0442\u0438\u0447\u0435\u0441\u043a\u043e\u0435 \u043f\u0440\u0438\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435\u00bb<\/a> provision, it prevents creditors and other parties from collecting debts or filing lawsuits against the company that has declared bankruptcy.<\/p>\n

Celsius accounted for more than 90% of StakeHound’s business, according to the document.<\/p>\n

In April 2023, after the Shapella<\/a> hard fork, holders of ETH locked in the Beacon Chain gained the ability to withdraw assets. StakeHound declined to confirm the unlocking of Celsius-owned coins.<\/p>\n

In June 2022, Celsius suspended withdrawals<\/a>, swaps, and transfers between accounts due to “extreme market conditions”.<\/p>\n

In July, after filing for bankruptcy<\/a>, Celsius reported a hole in its balance sheet of $1.2 billion<\/a>. In August it emerged that the company’s liabilities exceeded its assets by $2.85 billion<\/a>.<\/p>\n

In May 2023, the platform transferred<\/a> $74.3 million in Ethereum to the staking service Figment.<\/p>\n

Thereafter Celsius moved stETH worth $776 million<\/a> ahead of the launch of Lido Finance v2. Thereafter prepared<\/a> altcoins worth about $74 million for conversion into Bitcoin and Ethereum as part of creditor settlements.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Celsius Network, which is undergoing bankruptcy proceedings, accused LSD-platform StakeHound of breaching obligations regarding token placements totaling about $150.3 million.<\/p>\n","protected":false},"author":1,"featured_media":81620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1348,1162,1289,46],"class_list":["post-81619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-celsius-network","tag-court-cases","tag-cryptocurrency-staking","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81619"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81619\/revisions"}],"predecessor-version":[{"id":81621,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81619\/revisions\/81621"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81620"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}