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Embattled crypto lender Celsius files for bankruptcy protection
- Thread starter Coyote Starrk
- Start date
Do people know how many dogecoin Tesla still hold? Feel like it is just a drop in a bucket compared to their bitcoin assets.
Oh you can be sure many did. Also likely life savings of their kids and family.
Molly White of "Web3 is going great" has a very large, and very depressing thread with letters to the judge excerpts from the case website.
View: https://twitter.com/molly0xFFF/status/1550160830762782724
Yes, people did put their life savings because they were suckered by friends, or by Mashinsky.
View: https://twitter.com/molly0xFFF/status/1550160830762782724
Yes, people did put their life savings because they were suckered by friends, or by Mashinsky.
i get why they're saying celsius specifically, but everyone needs to know that is not just a celsius problem, it's a crypto problem
I do agree, but as these letters were specifically for the Celsius case it makes perfect sense they are that specific.
Celsius Bankruptcy Stings Caisse (de Dépôt et Placement du Québec) After $150 Million Investment
www.bloomberg.com
Celsius Bankruptcy Stings Caisse After $150 Million Investment
www.bloomberg.com
I'd say the Celsius situation is a fair bit worse than Crypto in general.
Like if you have money in ETH or Bitcoin, or even in one of the many fly-by-night coins or coins that are supposely tech focused you can at least ride out the downturn and hope they recover or cash out at a loss.
Celsius you could straight up lose 100% of what you had there. The case *may* result in some recovered assets but best case scenario everyone with assets there is going to take a haircut on top of whatever loss of value their crypto suffered.
Crypto is still a casino but it's a casino you can typically cash out of and walk away from when you've had enough gambling. Celsius you left your chips on the table and went to the bathroom only to find they locked you out of the floor in the meantime.
most people are buying their coin through exchanges like coinbase/robinhood who also have locked users out of money
In the case of Celsius, the key aspect is that they are also insolvent.
is not possible that exchange's can be?
Coinbase Rumors Going Insolvent Grow - Here's What People Are Saying | Bitcoinist.com
Insolvency rumors regarding Coinbase, the largest US-based crypto exchange, going insolvent are currently circulating in the virtual stratosphere. Are they
bitcoinist.com
Coinbase Distances Itself from Recent Bankrupt Crypto Firms
Crypto exchange giant Coinbase said it had no financial exposure to crypto firms Celsius Network, Voyager Digital or Three Arrows Capital.
news.crunchbase.com
Sounds like a good investment
Aren't there strict guidelines for pension investments? I can't believe a pension manager was allowed to invest in Crypto, wowCelsius Bankruptcy Stings Caisse (de Dépôt et Placement du Québec) After $150 Million Investment
Celsius Bankruptcy Stings Caisse After $150 Million Investment
is not possible that exchange's can be?
Coinbase Rumors Going Insolvent Grow - Here's What People Are Saying | Bitcoinist.com
Insolvency rumors regarding Coinbase, the largest US-based crypto exchange, going insolvent are currently circulating in the virtual stratosphere. Are they
Not impossible, but the link you posted is just a couple of what-if comments on Twitter from a 'crypto influencer' and a 'media personality'.
but they have locked people out of transactions fore their behalf and banks over their users. why do that if there wasn't something secretive at play?
I've seen some Reddit posts about Coinbase withdraw issues but I haven't seen anything about them just straight up locking everyone out. Rather the posts all seem like individual situations.
I mean if suddenly there's just a giant flood of people who are seeing withdrawls fail without explanation and no steps provided to resolve the situation in a timely fashion then yeah, I'd put them on watch too.
It depends on what the reason or justification there is to locking trading and transactions. There are legitimate reasons to do so.
maybe im thinking of robinhood? one of them did it around gme/doge coin nonsense
They had to pause trading in that situation because they didn't have the collateral to cover the sheer amount of trades happening, mostly on margin at the time.
I think these two articles next to each other say pretty well where the money's going:
Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help
www.cnbc.com
Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say
www.cnbc.com
Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help
Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help
The question of who gets repaid first — should that day ever come — looms heavy over the bankruptcy proceedings of crypto lender Celsius.
Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say
Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say
Rod Bolger was previously with the company for five months before resigning on June 30, about three weeks after the platform paused all withdrawals.
good intentionsI think these two articles next to each other say pretty well where the money's going:
Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help
Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help
The question of who gets repaid first — should that day ever come — looms heavy over the bankruptcy proceedings of crypto lender Celsius.
Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say
Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say
Rod Bolger was previously with the company for five months before resigning on June 30, about three weeks after the platform paused all withdrawals.
I think these two articles next to each other say pretty well where the money's going:
Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help
Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help
The question of who gets repaid first — should that day ever come — looms heavy over the bankruptcy proceedings of crypto lender Celsius.
Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say
Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say
Rod Bolger was previously with the company for five months before resigning on June 30, about three weeks after the platform paused all withdrawals.
Get fucked.
They need to go Dian for this, the whole thing is shady as shit.