Celsius’s lawsuit revolves around preferential transfers that allegedly benefited certain creditors at FTX, seeking initially $2 billion due to derogatory comments by FTX officers that hastened its collapse. However, they later revised the claim to $444 million.

Judge Dorsey rejected the claims citing inadequate evidence and procedural issues. Celsius’s amended claims, submitted in July 2024, were seen as improper for lacking permission to amend, irrelevant to previous claims, and delaying FTX’s restructuring process.