Chainalysis secured the dismissal of most claims in litigation brought by Celsius Network’s bankruptcy estate, but one allegation will continue. The September 29 ruling, reported on October 1, dismissed 15 claims while allowing an aiding-and-abetting claim to proceed. The case concerns a disputed 2020 statement presenting approximately $3.3 billion in Celsius assets as independently verified using Chainalysis technology, and the analytics company’s alleged involvement in preparing that statement.

U.S. District Judge Margaret Garnett dismissed 12 claims with prejudice, preventing them from being amended in the case. Three consumer-protection claims were dismissed with permission to amend, giving the plaintiffs until October 20 to revise them or notify the court that they would not. The surviving claim alleges Chainalysis assisted Celsius insiders in breaching fiduciary duties. The ruling permits that allegation to be litigated; it does not establish liability.

The complaint centers on the use of Chainalysis’ Reactor software to calculate Celsius assets and the later description of the work as an audit. According to the allegations summarized by the court, changes in methodology increased an initial calculation of about $1.18 billion to roughly $3.3 billion. The estate alleges Chainalysis helped draft and approve misleading communications. These allegations form part of the estate’s efforts to pursue recoveries following Celsius’ bankruptcy.

For Chainalysis, the ruling substantially narrows the dispute while leaving a specific theory of responsibility unresolved. For the Celsius estate, the next procedural decision is whether to amend the three consumer-protection claims before the deadline. The remaining proceedings will examine the distinction between supplying analytics software and participating in statements made about its results, a question with implications for service providers whose work appears in a client’s financial disclosures.