A farmer in Ireland who could lose his land. an American who is contemplating suicide. The life savings of an 84-year-old widow were lost: People who were affected by the cryptocurrency lender Celsius’s collapse are appealing for their money back.
Hundreds of letters filled with rage, guilt, despair, and frequently regret have flooded in to the judge managing the company’s multibillion-dollar bankruptcy.
The client who letter was unsigned stated, “I understood there were hazards.” “It felt like a risk worth taking.”
The platform was promoted by Celsius and its CEO Alex Mashinsky as a secure location where users could store their cryptocurrency in exchange for a high rate of interest while the company lent out and invested those deposits.
However, when the value of extremely volatile cryptocurrencies fell—bitcoin alone has lost over 60% of its value since November—the company encountered more and more issues until it decided to halt withdrawals in the middle of June.
According to a court document filed earlier this month, the corporation owed its customers $4.7 billion, and the situation is still fluid.
The letters from all around the world that have been placed to a public online court docket describe the devastating outcomes of users’ money being frozen.
One client who signed their letter EL stated, “I believe I can speak for most of us when I say I feel slighted, embarrassed, depressed, and angry.
From that difficult single mom in Houston trying to cope with past-due bills, to the teacher in India with all his difficult money deposited in Celsius — I presume I can speak for most of us.”Although the letters’ level of expertise in the realm of cryptocurrencies varies, from self-described beginners to all-in evangelists, and their economic consequences range between a few hundred bucks to seven-figure figures, nearly all of them agree on one thing.
