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My spouse and I became users of Celsius in 2020 and caturbate together the way we have invested a large amount of hard acquired income into the Crypto house for Celsius to hold Securely and Safely. I dependable Celsius Network with my savings as they marketed I could withdraw my cash at all occasions. It’s quite somber for me to glance at my account understanding that I no for a longer time have obtain to any of my discounts and to listen to all the coronary heart wrenching tales like mine and even worse. I have a life savings tied up in Celsius Network which I was hoping to use in the close to upcoming in order to spot a down payment in direction of a home finance loan. I have a mid-6 determine income quantity of cryptocurrency ($401,540.63 furthermore $231,518.35 collateral minus $150,000.00 loan - at today’s rates) stored on the Celsius wallet together with a $150,000.00 USDC loan secured by 10.88 Bitcoin as collateral. In 2020 I opened an account with Celsius Network and deposited my Bitcoin and Etheiium into this account. After my account was frozen, Celsius started sending me emails that my collateral is near to becoming liquidated and that I require to send out in $150,000.00 in either hard cash or USDC to payoff the bank loan so that my Bitcoin would not be liquidated.



I am just one of a lot of that have been lied to and bought persuaded that it was protected parking funds at Celsius. My cash had been deployed on Celsius to get paid yield. I am ashamed that I was deceived by Alex Mashinsky and Celsius Network. I think the Celsius traders and Alex Mashinsky have misled the buyers and they now have an obligation to make depositors total. My father and mother are each accredited investors with Celsius. This is in particular genuine for teenagers, who are the most susceptible to online predators. With the serious isolation & deficiency of any social community I observed myself somewhat desperate to modify my situation and susceptible to economic suggestions specified by Alex Mashinsky who introduced himself as economic genius who has lead numerous billion greenback companies. I’m just one of the thousands of Celsius depositors who had their hopes to expand their nest egg in a secure spot.



This all seems to be a distant desire given the recent news about Celsius Network submitting for Chapter eleven Bankruptcy. As a Celsius account holder with an preliminary principal balance of approximately $400,000 , a sizeable part of my family’s lifestyle personal savings, I would like to share my feelings on the Celsius bankruptcy problem … I hold no cryptocurrencies and do not have any economic curiosity in the Celsius individual bankruptcy proceedings. Once the USDC arrived in my Celsius wallet, I was told that I was not shut to liquidation of my collateral. "Known as a totally-reserved stablecoin, each and every digital greenback of USDC on the net is 100% backed by income and quick-dated U.S. At the time Celsius paused withdrawals in mid-June, the whole benefit throughout both of those accounts, expressed in US Dollar conditions, was around $2,500,000. Celsius has saved my resources in a get paid account immediately after writing me a emailing me telling that my cash would be in a custody account as I am not accredited trader. After listening to about the bankrucpty my heart sank, our really hard gained funds have been now absent, absent to a enterprise/group that will likely get practically nothing much more than a slap on the wrist. The really finest aspect is you get to do that on their no cost membership.



I have totally no dollars left in my financial institution account now, and if I do not get my money back again, I will be out in the streets with almost nothing to show for it. It now seems to be nothing but a Ponzi scheme in which administration gambled our investments absent on risky cryptocurrency cash like LUNA alongside with derivatives, etc. and misplaced their shirts… I have viewed my prosperity fall from its highs all around a 12 months in the past which was just a compact move from letting me to semi retire, purchase my house and help with my companions procedure to unquestionably practically nothing. Please start from the base of the totem pole as us tiny fellas want this much more than the enormous funding providers. We need to have this team to be held Accountable for their awful steps and higher concentrations of danger with their consumers dollars. I then requested for my USDC to be returned, considering that I didn’t require to shell out off the financial loan, and they advised me that all transfers ended up frozen. After a two-calendar year investigation, agent Kirkpatrick uncovered that Hunter had hired a male named Charlie Evans, then 26, to hack into the electronic mail accounts - spending him $200 a week for his assist.