Crypto Firm Celsius Bans Transactions: Cryptocurrency lending firm Celsius Network has banned the withdrawal and transfer of crypto from user accounts. Since then, investors have experienced a great deal of disappointment.. People who had invested in cryptocurrencies by pledging their everything are now getting scared. Now that they are in this situation, people are requesting their money back. In such a situation, now these people have sent hundreds of letters to the judge who is looking into the bankruptcy case of this firm.
letter to judge
A man from Ireland is reportedly worried about losing his farm because he invested in cryptocurrencies. An 84-year-old widow is haunted by the fear of losing her life’s worth. The letters sent by these people to the judge are filled with anger, frustration, and regret.
The firm’s CEO had promised
In an anonymous letter to the judge, a person wrote that I knew there was a risk, but Celsius and its CEO Alex Mashinsky tried to trick people into hoarding their cryptocurrencies in exchange for high interest. The forum was promised a safe place.
60 percent drop in bitcoin
Now the value of cryptocurrencies has declined. Since November, the price of bitcoin alone has dropped by more than 60%. In such a situation, people started asking for money and the trouble for the firm kept increasing. In such a situation, it banned the withdrawal of crypto in mid-June.
The user owes $4.7 billion
Earlier last month, a petition was submitted to the court. This states that the business owes its customers $4.7 billion. A person investing in the company says that I have been a customer of Celsius since 2019 and lied completely to Alex Mashinsky.
Freeze announced on June 12
Also, the firm said on 7 June that Celsius has one of the best risk management teams in the world. Our infrastructure and security personnel are unmatched. This system was created with the original crypto bear in mind. The corporation has reserves to pay its debts. But the business was unable to follow through, and on June 12, Celsius announced a freeze.
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