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thewayneOh, so very, VERY VERY bad!
It seems that they weren't actually investors. They literally GAVE their money to Celsius!
Turns out that fine print in the contracts that the investors agreed to is rather important.
Celsius was the first major crypto platform to go bust that is finally making its way through bankruptcy court, and the lurid details are coming out, such as the "investors" are completely and utterly screwed if they didn't get out well in advance.
As in a half MILLION of them.
The bankruptcy judge's ruling declared that the contract turned 600,000 account holders into unsecured creditors, meaning that they'll pretty much get zero. What little assets remain will get sucked up by the secured creditors.
The article is quite an interesting read. The founder, Mashinsky, promised returns on their investments of TWENTY PERCENT. Said that banks aren't trustworthy. Well, there's one difference. Bank accounts are insured by the government if the bank goes bust.
https://www.msn.com/en-us/news/us/bad-news-for-thousands-of-crytpo-investors-they-don-t-own-their-accounts/ar-AA161DA8
It seems that they weren't actually investors. They literally GAVE their money to Celsius!
Turns out that fine print in the contracts that the investors agreed to is rather important.
Celsius was the first major crypto platform to go bust that is finally making its way through bankruptcy court, and the lurid details are coming out, such as the "investors" are completely and utterly screwed if they didn't get out well in advance.
As in a half MILLION of them.
The bankruptcy judge's ruling declared that the contract turned 600,000 account holders into unsecured creditors, meaning that they'll pretty much get zero. What little assets remain will get sucked up by the secured creditors.
The article is quite an interesting read. The founder, Mashinsky, promised returns on their investments of TWENTY PERCENT. Said that banks aren't trustworthy. Well, there's one difference. Bank accounts are insured by the government if the bank goes bust.
https://www.msn.com/en-us/news/us/bad-news-for-thousands-of-crytpo-investors-they-don-t-own-their-accounts/ar-AA161DA8
no subject
Date: 2023-01-12 12:54 am (UTC)