Crypto lender Celsius files for bankruptcy

[polonieth]

No matter how many times people are told, not your keys, not your coins, they‌ still seem to think picking pennies up in front a freight train is worth it.‍

The people who ran Celsius are scummy. The people that used the service were silly.⁠

I mean fair enough if you have something spare and fancy a punt to earn⁤ some interest on it, then go ahead.

I staked some ETH with Kraken. Got cash⁣ in EMIs. All pretty risky.

But putting your entire stack into something like Celsius? Mental.⁢

 

[Martin Everson]

Homeless, suicidal, down to last $1,000: Celsius investors beg bankruptcy judge for help​

https://www.cnbc.com/2022/08/02/cel...illion-beg-judge-to-recover-life-savings.html

 

[jjrapy]

Hilarious

 

[backpacker]

Many may find it hilarious. But it is the‌ exact reason why crypto and everything related to it will face strict regulation. Everything crypto‍ (except CBDC) will be rendered useless for the average Joe.
"Celsius" bankruptcy and⁠ the negative publicity it surrounds is a gift to all regulation-loving politicians. Not only Elisabeth Warren will make good use of the situation.
It is an easy sell to the⁤ public, considering all these stories of hard working Americans who are now living on their⁣ last pennie.

 

[Martin Everson]

Bankrupt company drops plan to rehire ex-CFO at $93K a month​

https://www.msn.com/en-us/money/new...to-rehire-ex-cfo-at-2493k-a-month/ar-AA10gLOr

 

[JohnnyDoe]

Hodlnaut halted deposits and withdrawals today, and withdrew the application for a license. Who will be the next?

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[Martin Everson]

Crypto Lender Celsius On Pace to Run Out of Cash by October​

https://www.yahoo.com/now/crypto-lender-celsius-pace-run-214944428.html
---- quote‌ start

Celsius Network, the crypto lender that filed for bankruptcy in July, appears to be‍ in even worse financial straits than previously signaled.

A new court filing Monday from Kirkland⁠ & Ellis, a law firm the crypto lender hired to lead its restructuring efforts, included⁤ financial projections that Celsius will run out of cash by October.

The filing, submitted to⁣ the U.S. Bankruptcy Court for the Southern District of New York in advance of an⁢ upcoming hearing, also stated that the crypto lender holds $2.8 billion less in crypto than︀ it owes to depositors.

---- quote end

 

[Martin Everson]

Celsius Network execs made withdrawals pre-bankruptcy​

https://www.axios.com/2022/10/06/celsius-network-execs-withdrawals-pre-bankruptcy

 

[JackAlabama]

Plus a‌ lot of names are in the court files (which are very heavy) but there is‍ this tool:

https://celsiusnetworth.comHappy spying. 😉

 

[Freetrade]

12 years for Mashinsky : https://decrypt.co/318623/former-celsius-network-ceo-alex-mashinsky-sentenced-12-years-prison

 

[polonieth]

https://twitter.com/x/status/1920568024026751371

 

[void]

so your point is that HEX is somewhat different?

 

[polonieth]

Well, no. My point was that Heart told you about this about 100 times over the‌ last decade or so. Not your keys, not your coins. Picking up pennies in front‍ of freight trains is a bad idea.

But regarding Hex, from the perspective of being⁠ in control of your own keys and earning yield, it's 180 degrees different to what⁤ Celsius was offering. Not 360 degrees, as Anna Baerbock would say.