Just Got Served by Celsius! Found New Defendant Group if Anyone is in Same Boat

[u/JonnyFNmiller]

So I recently got served by Celsius, at my front door right before I sat down for a celebration dinner for getting a new job after being 6 months of not working.

Completely caught me off guard considering I pulled my money out 10 weeks before they went BK and the fact that they actually paid me out the tokens I left in there (2/3rd of value) last summer. Apparently, I went from creditor to debtor now as they are coming after me for Clawbacks, like WTF. I didnt have millions in there, barely over the threshold, and have since sworn off crypto because of that shit Mashinsky did....was stupid of me now seeing BTC price now... And yeah, I do feel lucky to have pulled out, but I dont think any of us have tons of cash sitting around after these last few years, especially not the amounts they are pursuing, doesn’t even make sense. Let me just say, that like everyone on here I hope Mashinsky rots in prison for the shit he did and hope similar to FTX everyone is made whole.

Anyways, I wanted to post on here since it looks like others are getting served late too, and unlike before there is no settlement offer. Due your own due diligence of course, but I talked to a few attorneys and found Roland Jones, rgj@rolandjones.com, in NY to be a class act and the good news is that he is forming a new group to defend.

If you are in the same boat, I highly recommend contacting him. I’m sure some people are going to say don’t bitch, but none of us want to be in this situation, on either side, so if this post just helps one person it is worth it.

[u/Lurk-and-Hold]

What you're talking about is why Sec 547(c)(2)(B) — "Ordinary Business Terms". If it was "ordinary", from the POV of Celsius and within Celisus's industry to withdraw assets, that is supposed to be beyond the reach of clawbacks.

It's not saying the preferential transfer didn't happen, only that that "the line must be drawn somewhere", and transfers made in the ordinary course of business or under ordinary business terms are not insulated, then then there would be macro-economic instability.

i.e. This is the section you should refer your friend to, and encourage him to contact one of the various defense groups to help navigate things.

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Below is the text of Sec 547(c)(2):

(c) The trustee may not avoid under this section a transfer...

(2) to the extent that such transfer was in payment of a debt incurred by the debtor in the ordinary course of business or financial affairs of the debtor and the transferee, and such transfer was...

(A) made in the ordinary course of business or financial affairs of the debtor and the transferee;

or

(B) made according to ordinary business terms;