Crypto: Celsius, the angel of death?

“If I don’t get my money back, I’ll end my life”. These are the words of Katie Davis, an Australian who lost everything after cryptocurrency lender Celsius went bankrupt. And there are dozens of such comments in the letters sent to federal court for the Southern District of New York this week.

Celsius Network customers seek help from legal authorities

Recently, Celsius filed a petition in federal court for the Southern District of New York to continue operations while it recovers. This provoked a hostile reaction among his clientele. Now, users of the lending platform are calling for justice to make it easier for them to repay their frozen funds. Hundreds of them have written to judge Martin Glenn, in charge of the case, in order to benefit from his support.

“This is an EMERGENCY, just to keep a roof over my family and food on their table”, wrote Stephen Bralver, one of the victims affected by the bankruptcy of Celsius.

Will the law of the strongest prevail?

In the context of this case, many questions arise as to the order of return of the funds. More specifically, it is about who will be the first to be reimbursed if and when that time comes.

Celsius reportedly has more than 100,000 creditors, of which around 50 are large companies. Small investors fear that the company will start by reimbursing this category of customers. Then, that she ends up leaving them to languish in endless hope.

The ruin of Celsius has plunged thousands of people around the world into precariousness. More than a financial loss, they also complain of a deterioration in their mental health. The testimonies bring together totally different people around the same drama. A sad reality for people who, despite having believed in cryptocurrencies, had the misfortune to entrust their money to the wrong person.

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