Celsius Network Demands $150M from StakeHound

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Bankruptcy company Celsius Network has accused StakeHound, a platform on the LSD blockchain, of failing to return tokens worth approximately $150.3 million.

This sum includes an estimated $120 million in Ethereum, $30 million in Polygon, and $300,000 in Polkadot.

The platform further breached bankruptcy regulations by initiating an arbitration process with a business in Switzerland.

Celsius’s lawyers are now pursuing the return of the assets, payment of damages, and reimbursement of lawyers’ fees.

In June 2021, Stakehound shut down its operations after declining to exchange 35,000 stTokens for Ethereum.

Stakehound attributed their inability to do this to the loss of the authenticated private keys needed for the transaction. On April 2023, Stakehound stated during the bankruptcy process that Celsius had no duty to exchange stTokens for ETH.