Celsius Insurers Sue Ex-Officers Over Federal, Investor Cases

Former directors and officers of bankrupt crypto lender Celsius Network, including co-founder Alex Mashinsky, were hit with a suit by insurers seeking to limit their exposure to underlying litigation brought by federal regulators and private investors.

The insurer plaintiffs—including units of AXA SA, W. R. Berkley Corp., and QBE Insurance Group—issued various policies to Celsius, and the crypto company’s former leaders have made competing demands for coverage that exceed the policy limits, according to a complaint the carriers filed Tuesday in the US District Court for the Southern District of New York.

The collective coverage demands of the defendants—former Celsius ...