Jason Stone, founder of the KeyFi company who formerly managed assets for Celsius, filed a complaint against Celsius Network in a New York court, alleging the company was operating as a Ponzi scheme and owes them "a significant sum of money". Stone alleged that, despite claiming that Celsius's trading teams would properly hedge against any impermanent loss or loss due to token fluctuation incurred by KeyFi, they were doing nothing of the sort. Upon learning this in March 2021, they terminated their relationship with Celsius. However, Stone alleges that Celsius owes KeyFi "a significant sum of money", which Celsius has not acknowledged. Instead, Stone claims, Celsius has accused them of theft.

The legal complaint reads, "Prior to Plaintiff coming on board, Defendants had no unified, organized, or overarching investment strategy other than lending out the consumer deposits they received. Instead, they were desperately seeking a potential investment that could earn them more than they owed to their depositors. Otherwise, they would have to use additional deposits to pay the interest owed on prior deposits, a classic 'Ponzi scheme.' The recent revelation that Celsius does not have the assets on hand to meet its withdrawal obligations shows that Defendants were, in fact, operating a Ponzi-scheme."

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• KeyFi, Inc. v Celsius