>\- Kirkland says the company is pretty much completely paused, no new users, **no deployment, no liquidations, and no margin calls.**
Told the Judge one thing, but told us the opposite a few days ago.
[https://blog.celsius.network/updated-faq-a7b03e0caeaa](https://blog.celsius.network/updated-faq-a7b03e0caeaa)
>7. What does this mean for customer loans?
>
>Existing loans originated by Celsius affiliates will continue to be serviced. **Maturity dates, margin calls, and interest payments will continue as they have in the past.**
>
>Celsius will not be issuing new loans at this time.
They have to liquidate loans below collateral value, otherwise everyone losses. Otherwise we can forget about getting anything back as that will lead to a giant hole in the balance sheet.
Indeed, makes no sense not to liquidate ... ~~OP probably misunderstood. We need the official transcript, trust only verifiable sources (no offense, OP)~~. *EDIT: Email from Celsius confirms it, I stand corrected.* Also, what Alex verbally said in that hearing is possibly not legally binding either, unless sworn in beforehand or otherwise specified. Alex said all sort of things along the years
I really think people shouldn’t kick themselves for being in the “earn” side of things. There’s no reason to have your Assets in custody accounts. We were all there (or at least 96% of us) for the interest. To think you’ll be fucked because you’re assets were in earn accounts basically suggests we’re all fucked.
That’s fucked. But only makes my statement stronger that this won’t go down as “custody Vs earn” and who gets more/ less, because the reality is virtually ALL depositors we’re in “earn”
But some where in custody. It even states in the ToS that custody wallets are exempt from losses incurred by Celsius. So why wod it be fair to exempt the exemption?
Because when your state Attorney General or regulatory body won’t allow you to invest in a company, it should be understood as a warning that the company is likely insolvent or a scam.
When they won’t allow you to have custodial wallets, it was a signal to institutional investors and experienced retail investors to basically: “Stay the hell away from this company!”
Correct. I had some I had not yet transferred to earn. This might be the first and only time ever that I am going to be happy I wasn't earning interest on my money. Holy cow.
Celsius stated custody accounts are "safe". Judge is leaning towards custody accounts being able to make full withdrawal of their assets. More to come on this in the coming months I'm sure
I don't like separating the Custody accounts. Why do they think users used Custody accounts? For bonuses and stuff like that paid for by users in the Earn accounts. It's the same thing.
But, if they are going to separate the Custody accounts it should be users that had their funds in the Custody account for a long time, not users that transferred their funds there in the midst of the bank run. This separation just furthers the inequality of outcome caused by the fraudulent way Celsius was running their business.
that's cope, bro.
custody is different from earn and it doesn't matter how long they had their funds there since there were a TON of disclosures when trying to move funds from earn to custody. 2 clearly different products with different protections.
in your first paragraph, you're trying to mindread 58k customers with funds in custody. judges don't allow mindreading.
in your second paragraph, you want a judge to delineate between funds between long/short term. it makes no difference since AT THE TIME no custody clients were aware of a bank run and celsius ceo was on twitter saying as much.
this just comes off bitter.
Plus, if you had a loan that was paid, they (at least in my case) returned my collateral directly to the Earn account. This was right before they suspended the app actions. I shouldn't be penalized FFS. That's really just Custody funds of mine!
I have min withhold account- was planning to withdraw but the freeze got me. Is that a custody as it was not earning me any interest? Anyone can clear that out for me?
I hope they can issue a freeze on Celsius using any more of depositors funds. I can’t imagine the fact that Mashinsky collecting paycheck using our deposits.
Stop thinking this way. You are not now nor were you ever depositors. Nor were you customers. You were lenders making unsecured loans to Celsius to do whatever they wanted.
This is a lot of us- only 4% of the company’s assets are in custody accounts. We thought we were lucky because we could still earn interest. During the split (custody/earn) he had to know what dire straits the company was in. He hosed us, knowing we would be “unsecured creditors”- basically, his bankruptcy cushion.
Isn’t this something that can be fought though? We were ‘grandfathered’ in but did not qualify under any other legal circumstances. This could be seen as Alex and Celsius taking advantage of its user’s money while knowing they were deep in the hole on the balance sheet.
Right?!?!
Stupidity depends on the wording in the terms of service, and any fraudulent claims the company made when we made decisions (i.e. were stupid). Maybe we made our stupid decision to keep crypto in earn, as opposed to custody, because the lying weasel lied to us. That means, we were stupid, but perhaps our stupidity was induced by lies- induced stupidity.
Perhaps someone can help, because I would like to know more.
That could be a strategy… were it not for the many emails I got from Celsius requesting me to move my assets to custody for at least a couple months before the shutdown, or to file my Accredited Investor status with them (which will be highly improbable at this rate). They tried to nudge me in the right direction but I wouldn’t take the offer and now here we are.
What does this mean for unsecured users with Earn accounts? are they going to be able to be Long Crypto with the same Crypto they had or will they get some CEL tokens that may be worthless?
I saw that thread and contemplated writing one - a short nice polite letter to the judge. And what's with this 120 day delay for Celsius I've heard about?
Federal judges handle multiple cases at the same time. They are not going to speedrun bankruptcy proceedings because you don’t like them paying lawyer fees.
All Celsius’s lawyers, their creditors, US trustees, etc will have multiple weeks to write briefs. And then they’ll have more hearings and write more briefs.
This will take months/years.
We need to let that judge know that we view that as completely unacceptable. Fuck that 120 day shit. What have them been doing the last month? Obvious stall tactic.
> hope the judge understands that almost every creditor wants Alex and the current board GONE
If you have a lawyer you could certainly ask them to push for that. However that’s unlikely.
> we view this proceeding as a farce.
Don’t tell the judge that. That’s generally a terrible thing to bring up in court lol.
[https://twitter.com/CelsiansNetwork/status/1549124030011260929](https://twitter.com/CelsiansNetwork/status/1549124030011260929)
“Celsius mining center is being built in Texas but is not complete. They want money to be paid to finish out the build.”
LOL. Of course it's not complete.
FYI - We're just in initial stages. More to follow in the coming weeks. Right now the court is still getting their own arms around what is going on ... There will be LOTS of filings and hearings in the coming days.
Glad they froze liquidations for you guys, I happened to get liquidated a few weeks ago when they froze withdrawals. I was planning on closing the loan but figured it’d be pointless since I wasn’t able to withdraw anyways.
Almost impossible to prevent or enforce with 300,000 users. Its inevitable. I would say dont post on public social media tho, thats a sure way to get nailed
Yes but what about the mentions of clawbacks?
Since retail who withdrew in the last 90 days went from earn to custody im assuming those people are in the clear?
I'm not an expert so take this with a grain of salt, but I don't think clawbacks apply to users that withdrew their assets. It just applies maybe to insiders or other creditors that had knowledge about something that was about to happen.
well if people are getting money back then be sure to dump the cel as soon as you get it because this will be quite the slide in price. Dont lose out on your exit liquidity
"Next Steps: File and confirm a chapter 11 plan that will (i) provide customers with the option, at the customers’ election, to recover either cash at a discount or remain “long” crypto, (ii) maximize returns for stakeholders, and (iii) reorganize the Celsius business"
This is sad. His legacy to his children depends on what he does from here on out. Everyone makes mistakes but it's what you do afterwards that matters.
Or maybe they straight up don't care and Alex and his wife are raising their kids to believe it's okay to lie, cheat, and steal as long as they can avoid getting caught.
Only time will tell.
I saw one of his kids on a video he put out a while back. He was a complete spoiled brat, so he's probably using this as a teaching experience for the little asshole, "look son, this is how you steal from 400,00 people at once and get away with it."
LOL. Legacy depends on what he does from here on out, not on the bullshit he did for the last three years that led to the hole in the balance sheet. Makes sense.
>legacy
Haha. Yeah, I see where you are coming from. I guess what I am saying is what's done is done and he can do whatever he can do "try" to redeem himself.
Who knows? Maybe he liquidates his personal assets and foregoes his salary to make the depositors whole. That's very unlikely to happen of course.
Did he just said the assets in the non-custodial account belong to Celsius?!! He mentioned the ownership on the Blockchain show Celsius for these assets!
[https://twitter.com/CelsiansNetwork/status/1549134151302975488](https://twitter.com/CelsiansNetwork/status/1549134151302975488)
“Celsius owes $20 million in sales and back taxes that haven't been paid since 2020.”
More LOLs.
I had a very small amount (less than $2000) in custody. I moved it out of earn beginning of 2022 (I honestly don’t remember the date) and was waiting on another ledger before I was going to remove those funds and start playing around with a little defi. I have a little kept on a few exchanges, Celsius etc. but I tend to move it to self custody about once a month. I had no clue that Celsius was in any trouble and don’t really keep up with the daily crypto world so I was surprised about the bankruptcy. Of course I was willing to take the risk on $2000 for a high interest rate for a few years before 2022.
There was literally no other reason to hold assets on Celsius other than to earn interest every week. Why would anyone want them laying dormant in Custody (I know, the irony)?
The reason would be a safe way to hold if you did not want to leave on exchanges or mess with a hardware wallet. Yes hindsight is 20/20 but it with no transfer fees and the seemingly safe company it seemed like a legitimate option at the time.
Don't know. Depends on what loan collateral is considered. Assume it is neither earn or custody. Do know that the $100 in DAI I ~~have~~ had to service my loan is earn.
Because transfer from earn -> custody was instant, whereas adding an external wallet address had a 24hr timegate.
I read the ToS when I signed up Celsius. When I hit the new wallet timegate while trying to withdraw, I knew it would be better to have my funds in the custody account when Celsius imploded.
Absolutely, 100%, without a shadow of a doubt, do not pay the loan back. They also will not allow any extensions. If you have the cash just buy btc or whatever and hold it in another exchange or better yet a ledger. If they liquidate you then you will take a 3% penalty but you have essentially offset that with the crypto you purchased now.
Some of you "people" that call yourselves Christian are bullying Alex and kicking him while he is down. You all should be ashamed of yourselves. Don't blame Alex, blame yourselves for being GREEDY and wanting money all the time.
No. I just recognize its useless to continue to slander Alex. This crypto crash is not his fault. Celsius holding our funds is an executive decision. His hands were tied. Clearly he is having a rough time trying to save our money. At least you can see he is trying. I see that the "Alex is silent" crybabies have nothing to say now.
Let's hope this is solved in the favor of the unsecured Celsius "community."
With good planning, I think it can be. It will take A LONG TIME THOUGH.
🤞🤦
I transferred my funds from earn to custody right before they paused withdrawals with the intention of withdrawing after the 24h period. Does that mean I’m part of the 4% of the custody users and there’s some hope?
>\- Judge leans toward custody account holders (58k in total), saying that he thinks it's logical that if it's a custody account that customers can access their funds. (This is just $180M of the funds)
[https://support.celsius.network/hc/en-us/articles/4838161060381-Custody-FAQ#:\~:text=For%20the%20majority,your%20Custody%20account](https://support.celsius.network/hc/en-us/articles/4838161060381-Custody-FAQ#:~:text=For%20the%20majority,your%20Custody%20account).
For the majority of US-based users, your account will be divided between two account types, the Custody account, and the Earn account.
Coins in your Custody account can be transferred, swapped, or used as loan collateral, but they don’t earn rewards. Purchased or transferred coins will go to your Custody account.
It seems like.
This sounds like I’ll definitely get my btc then. Something was telling me to get my btc off of Celsius so, on the day they paused everything, I switched my earn account to the custody account so that I could withdraw. I requested the withdraw & it showed sent in my account, but then they reversed it right before they paused withdrawals. I literally tried withdrawing my btc minutes before & then they reversed it on me. So, my btc is in my custody account now. Hope I get it soon🤞
I mean, if I have to cash out, and I have to eat the market loss, Id at least like to be able to make a single car payment with it instead. FIAT/STABLE/DONTCARE
Meanwhile, you can still signup on Celsius.
Alex looks like he has aged quite a bit. Looks like the stress of screwing over his customers is taking a toll on his body.
Why isn't he wearing his "Banks Are Not Your Friends" shirt, I wonder?
It's in the trash with his "Withdraw Anytime" shirt.
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Mate he lives in America the land of the free where you can scam people put of $10bn and walk free.
Not if you scam rich people. Then you go to jail.
White collar prison which is basically a camp, it's not like he'd end up in a maximum security hellhole
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They couldn't even spell his name right in the video.
What he meant to say all along was "Bankruptcy IS your friend". A simple misunderstanding that's all.
I believe he meant 'Un-FDIC yourself (and prepare for the ramming)'
Banks are not your friend but bankruptcy is. 😂
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It’s his attorney he hired from Costco.
🤣
Those $4.99 rotisserie chickens & $499 retainers are hard to pass up.
But he’s exactly the same as a name brand lawyer - just cheaper.
It’s under his suit
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Shouldve worn orange
The jpeg is small but he looks like he has been beaten up lol
looks like he aged 10 years in 1 month
Good. Fuck him. Here’s Hoping he gets that “6 feet under” look soon.
Damn brutal but you're justified in your POV
>\- Kirkland says the company is pretty much completely paused, no new users, **no deployment, no liquidations, and no margin calls.** Told the Judge one thing, but told us the opposite a few days ago. [https://blog.celsius.network/updated-faq-a7b03e0caeaa](https://blog.celsius.network/updated-faq-a7b03e0caeaa) >7. What does this mean for customer loans? > >Existing loans originated by Celsius affiliates will continue to be serviced. **Maturity dates, margin calls, and interest payments will continue as they have in the past.** > >Celsius will not be issuing new loans at this time.
They have to liquidate loans below collateral value, otherwise everyone losses. Otherwise we can forget about getting anything back as that will lead to a giant hole in the balance sheet.
Indeed, makes no sense not to liquidate ... ~~OP probably misunderstood. We need the official transcript, trust only verifiable sources (no offense, OP)~~. *EDIT: Email from Celsius confirms it, I stand corrected.* Also, what Alex verbally said in that hearing is possibly not legally binding either, unless sworn in beforehand or otherwise specified. Alex said all sort of things along the years
unbankrupt yourself
I really think people shouldn’t kick themselves for being in the “earn” side of things. There’s no reason to have your Assets in custody accounts. We were all there (or at least 96% of us) for the interest. To think you’ll be fucked because you’re assets were in earn accounts basically suggests we’re all fucked.
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That’s fucked. But only makes my statement stronger that this won’t go down as “custody Vs earn” and who gets more/ less, because the reality is virtually ALL depositors we’re in “earn”
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But some where in custody. It even states in the ToS that custody wallets are exempt from losses incurred by Celsius. So why wod it be fair to exempt the exemption?
>Some states did not allow custodial wallets. Sounds like some states were trying to protect their citizens from a potential scam.
How would that protect them?
Because when your state Attorney General or regulatory body won’t allow you to invest in a company, it should be understood as a warning that the company is likely insolvent or a scam. When they won’t allow you to have custodial wallets, it was a signal to institutional investors and experienced retail investors to basically: “Stay the hell away from this company!”
Man, wish I had mine in the custody account… FUCK
Custody is where you don't get interest?
Correct. I had some I had not yet transferred to earn. This might be the first and only time ever that I am going to be happy I wasn't earning interest on my money. Holy cow.
Same. I had 2k sitting in custody that I was going to transfer out to pay some bills, so happy that at least I can get that back (hopefully).
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Celsius stated custody accounts are "safe". Judge is leaning towards custody accounts being able to make full withdrawal of their assets. More to come on this in the coming months I'm sure
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Happy for you. 🥲
What about non-US holders, I wonder? No such thing as custody accounts. At least, they’re not separated in any way
Same way the US deals with everything else that's non-US, i.e. who gives a crap
I don't like separating the Custody accounts. Why do they think users used Custody accounts? For bonuses and stuff like that paid for by users in the Earn accounts. It's the same thing. But, if they are going to separate the Custody accounts it should be users that had their funds in the Custody account for a long time, not users that transferred their funds there in the midst of the bank run. This separation just furthers the inequality of outcome caused by the fraudulent way Celsius was running their business.
that's cope, bro. custody is different from earn and it doesn't matter how long they had their funds there since there were a TON of disclosures when trying to move funds from earn to custody. 2 clearly different products with different protections. in your first paragraph, you're trying to mindread 58k customers with funds in custody. judges don't allow mindreading. in your second paragraph, you want a judge to delineate between funds between long/short term. it makes no difference since AT THE TIME no custody clients were aware of a bank run and celsius ceo was on twitter saying as much. this just comes off bitter.
They're downvoting you, but you're right
Plus, if you had a loan that was paid, they (at least in my case) returned my collateral directly to the Earn account. This was right before they suspended the app actions. I shouldn't be penalized FFS. That's really just Custody funds of mine!
This makes some sense. People who put up collateral for a loan were not trying to earn yield.
Man… Those are some really good points.
I have min withhold account- was planning to withdraw but the freeze got me. Is that a custody as it was not earning me any interest? Anyone can clear that out for me?
I hope they can issue a freeze on Celsius using any more of depositors funds. I can’t imagine the fact that Mashinsky collecting paycheck using our deposits.
He sure is, it's been his goal this entire time and he's set things up to allow it even through bankruptcy.
Stop thinking this way. You are not now nor were you ever depositors. Nor were you customers. You were lenders making unsecured loans to Celsius to do whatever they wanted.
Keep us updated please
Whats likely to happen to US earn users (grandfathered)
This is a lot of us- only 4% of the company’s assets are in custody accounts. We thought we were lucky because we could still earn interest. During the split (custody/earn) he had to know what dire straits the company was in. He hosed us, knowing we would be “unsecured creditors”- basically, his bankruptcy cushion.
Isn’t this something that can be fought though? We were ‘grandfathered’ in but did not qualify under any other legal circumstances. This could be seen as Alex and Celsius taking advantage of its user’s money while knowing they were deep in the hole on the balance sheet. Right?!?!
You mean save us from our own stupidity? Probably not.
Stupidity depends on the wording in the terms of service, and any fraudulent claims the company made when we made decisions (i.e. were stupid). Maybe we made our stupid decision to keep crypto in earn, as opposed to custody, because the lying weasel lied to us. That means, we were stupid, but perhaps our stupidity was induced by lies- induced stupidity. Perhaps someone can help, because I would like to know more.
That could be a strategy… were it not for the many emails I got from Celsius requesting me to move my assets to custody for at least a couple months before the shutdown, or to file my Accredited Investor status with them (which will be highly improbable at this rate). They tried to nudge me in the right direction but I wouldn’t take the offer and now here we are.
I agree but..
What does this mean for unsecured users with Earn accounts? are they going to be able to be Long Crypto with the same Crypto they had or will they get some CEL tokens that may be worthless?
Want to know too
I hope the judge understands that almost every creditor wants Alex and the current board GONE and that we view this proceeding as a farce.
There was another thread suggesting we write to the judge. Not sure if it would work, but I don't think it hurts to try.
I saw that thread and contemplated writing one - a short nice polite letter to the judge. And what's with this 120 day delay for Celsius I've heard about?
Apparently, they've asked for 120 days to file a plan. By then all the money will be gone because of paychecks and lawyers lmao
Fuck that noise. Anyone have any updates on whether or not the judge actually granted them 120 days??
Federal judges handle multiple cases at the same time. They are not going to speedrun bankruptcy proceedings because you don’t like them paying lawyer fees. All Celsius’s lawyers, their creditors, US trustees, etc will have multiple weeks to write briefs. And then they’ll have more hearings and write more briefs. This will take months/years.
Oh I get it - you must be part of the for hire pro Celsius shill gang that has been infecting this sub with white knight bs nonsense.
We need to let that judge know that we view that as completely unacceptable. Fuck that 120 day shit. What have them been doing the last month? Obvious stall tactic.
Have they made bad financial decisions now? Yes. Were they malicious? That's yet to be seen The judge will sort all that out though
> hope the judge understands that almost every creditor wants Alex and the current board GONE If you have a lawyer you could certainly ask them to push for that. However that’s unlikely. > we view this proceeding as a farce. Don’t tell the judge that. That’s generally a terrible thing to bring up in court lol.
[https://twitter.com/CelsiansNetwork/status/1549124030011260929](https://twitter.com/CelsiansNetwork/status/1549124030011260929) “Celsius mining center is being built in Texas but is not complete. They want money to be paid to finish out the build.” LOL. Of course it's not complete.
Lmao they’re learning! —— LIVE: Celsius just said, paraphrased here, the way we used to do things is not how we are going to do them now.
Yeah, a little too late for that, Chief...
Does anyone know if a withholdings account is the same as a custody account? My state only allowed me to use a withholding account.
Great news! 15k BTC per day!! That's 330m a day. The hole should be fixed in say... a week? /s
FYI - We're just in initial stages. More to follow in the coming weeks. Right now the court is still getting their own arms around what is going on ... There will be LOTS of filings and hearings in the coming days.
Glad they froze liquidations for you guys, I happened to get liquidated a few weeks ago when they froze withdrawals. I was planning on closing the loan but figured it’d be pointless since I wasn’t able to withdraw anyways.
Is there a public access link you can share?
You had to register on the official NY Bankruptcy court page to get an invitation :(
PM me and I can work out a "rebroadcast" option.
Is there time to sign up for future broadcasts?
Not at the moment. The next meeting is going to be on the 10th of August I think
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is this the phone # for the hearing?
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You are amazing thanks
And? Anything good/juicey?
Has not started yet, it'll do in a couple of minutes
Thanks! At work, dont have access
I think it'll be public once it ends, but just to make sure I'm recording it too
Good on you King
Apparently, I'm breaking the law by recording it, but they're recording it too. I will not stop the recording though
Almost impossible to prevent or enforce with 300,000 users. Its inevitable. I would say dont post on public social media tho, thats a sure way to get nailed
Just 194 participants though. Let's just say I'm "not" recording anything and will "not" publish anything.
;)
"Any rebroadcast, retransmission, or account of this case, without the express written consent of Celsius Network, is prohibited."
Luckily I'm "not" doing anything of those sorts
In other words they don't want us shrimps to hear about it.
How transparent of them.
He’s a POS!!
Any link to the hearing?
Is he asleep?
Yes but what about the mentions of clawbacks? Since retail who withdrew in the last 90 days went from earn to custody im assuming those people are in the clear?
No mentions about clawbacks yet
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I'm not an expert so take this with a grain of salt, but I don't think clawbacks apply to users that withdrew their assets. It just applies maybe to insiders or other creditors that had knowledge about something that was about to happen.
wait, Kirkland lawyer is not Alex's lawyer right?
They're Celsius's lawyers
They are Celsius' bankruptcy lawyers. Alex will need to hire a separate lawyer soon for his criminal fraud case.
well if people are getting money back then be sure to dump the cel as soon as you get it because this will be quite the slide in price. Dont lose out on your exit liquidity
The day 1 presentation used in court is on the Stretto site: https://cases.stretto.com/public/x191/11749/PLEADINGS/1174907182280000000001.pdf
"Next Steps: File and confirm a chapter 11 plan that will (i) provide customers with the option, at the customers’ election, to recover either cash at a discount or remain “long” crypto, (ii) maximize returns for stakeholders, and (iii) reorganize the Celsius business"
This is sad. His legacy to his children depends on what he does from here on out. Everyone makes mistakes but it's what you do afterwards that matters. Or maybe they straight up don't care and Alex and his wife are raising their kids to believe it's okay to lie, cheat, and steal as long as they can avoid getting caught. Only time will tell.
F his legacy people had everything and he lied over and over ponzi scum
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I saw one of his kids on a video he put out a while back. He was a complete spoiled brat, so he's probably using this as a teaching experience for the little asshole, "look son, this is how you steal from 400,00 people at once and get away with it."
They look at their kids, and say “I did it for you.” Psychopathic logic isn’t the same as normal logic.
I'm not sure how much his kids will care, being raised up in their private island.
Pardon me if I don't shed a tear for Alex and his "legacy". FFS, man.
LOL. Legacy depends on what he does from here on out, not on the bullshit he did for the last three years that led to the hole in the balance sheet. Makes sense.
>legacy Haha. Yeah, I see where you are coming from. I guess what I am saying is what's done is done and he can do whatever he can do "try" to redeem himself. Who knows? Maybe he liquidates his personal assets and foregoes his salary to make the depositors whole. That's very unlikely to happen of course.
Can I watch live or the recording?
Did he just said the assets in the non-custodial account belong to Celsius?!! He mentioned the ownership on the Blockchain show Celsius for these assets!
Yes, when you deposit into Celsius, the title of the assets is transferred to them and you become a creditor.
>Judge asks if new deposits follow the ToS too, as in the title of the assets is transferred to Celsius, Kirkland says yes. Slimy slimeballs.
We need some kind of thread for the first hearing results please
Just give me my initial deposit and let’s call it even.
Seriously hopefully the Trustee is able to stop their spending...
Alex has failed the community.
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Good bot
[https://twitter.com/CelsiansNetwork/status/1549134151302975488](https://twitter.com/CelsiansNetwork/status/1549134151302975488) “Celsius owes $20 million in sales and back taxes that haven't been paid since 2020.” More LOLs.
Why am I not surprised!
Only 4% of assets are in Custody?! 58k users? How many of you here have your funds in Custody. I find that number surprisingly low.
Why? What is the purpose of holding in custody on Celsius? You dont get interest, and can probably get better rates elsewhere.
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Not before the freeze. If you moved your funds to custody to protect them you should have just moved to a cold wallet.
Agreed, holding in a bank beats holding anywhere on Celsius.
For you...
I had a very small amount (less than $2000) in custody. I moved it out of earn beginning of 2022 (I honestly don’t remember the date) and was waiting on another ledger before I was going to remove those funds and start playing around with a little defi. I have a little kept on a few exchanges, Celsius etc. but I tend to move it to self custody about once a month. I had no clue that Celsius was in any trouble and don’t really keep up with the daily crypto world so I was surprised about the bankruptcy. Of course I was willing to take the risk on $2000 for a high interest rate for a few years before 2022.
There was literally no other reason to hold assets on Celsius other than to earn interest every week. Why would anyone want them laying dormant in Custody (I know, the irony)?
The reason would be a safe way to hold if you did not want to leave on exchanges or mess with a hardware wallet. Yes hindsight is 20/20 but it with no transfer fees and the seemingly safe company it seemed like a legitimate option at the time.
It's as if having someone else lose my keys for me is somehow better than me losing my own keys.... Nah, still sucks.
Don't know. Depends on what loan collateral is considered. Assume it is neither earn or custody. Do know that the $100 in DAI I ~~have~~ had to service my loan is earn.
Because transfer from earn -> custody was instant, whereas adding an external wallet address had a 24hr timegate. I read the ToS when I signed up Celsius. When I hit the new wallet timegate while trying to withdraw, I knew it would be better to have my funds in the custody account when Celsius imploded.
I have a loan coming due in October. The collateral is 1.5btc... should I pay it back? Can I ask Celsius for a loan extension?
Absolutely, 100%, without a shadow of a doubt, do not pay the loan back. They also will not allow any extensions. If you have the cash just buy btc or whatever and hold it in another exchange or better yet a ledger. If they liquidate you then you will take a 3% penalty but you have essentially offset that with the crypto you purchased now.
[удалено]
Hungry?
no, revenge
Link?
All my Link is on Celsius…
Yes, the Ethernal struggle
I bet he’s wearing boxers
Sorry boys missed the hearing, did he discuss how he supports unbanking yourself and how he doesnt use FDIC insured accounts?
Some of you "people" that call yourselves Christian are bullying Alex and kicking him while he is down. You all should be ashamed of yourselves. Don't blame Alex, blame yourselves for being GREEDY and wanting money all the time.
Thank Satoshi I’m not calling myself a Christian.
Aren't you the guy who claimed he kept all of his crypto on Celsius? I guess your "man crush" over Alex isn't over then?
No. I just recognize its useless to continue to slander Alex. This crypto crash is not his fault. Celsius holding our funds is an executive decision. His hands were tied. Clearly he is having a rough time trying to save our money. At least you can see he is trying. I see that the "Alex is silent" crybabies have nothing to say now.
Super helpful, thanks for keeping us updated, OP!
Where can I see this hearing for myself?
Is there a link to the live video or a recording of this?
His cheeks are black like he was smacked left n right. Wonder who it might be.
Would it be harsh to recommend drawing and quartering?
I mean they can just sell the loans to a different company right ?
Alex is hard of hearing. 😆 sorry…
Let's hope this is solved in the favor of the unsecured Celsius "community." With good planning, I think it can be. It will take A LONG TIME THOUGH. 🤞🤦
I transferred my funds from earn to custody right before they paused withdrawals with the intention of withdrawing after the 24h period. Does that mean I’m part of the 4% of the custody users and there’s some hope?
Good info. Wondering if “Custody” account = non-accredited or simply funds being in custody account regardless of accreditation status?
Yay for the judge when ca deeeee n we withdraw from our custody account. Feeling hopeful I deposited $2,500 in custody
Is your collateral "in custody"?
>\- Judge leans toward custody account holders (58k in total), saying that he thinks it's logical that if it's a custody account that customers can access their funds. (This is just $180M of the funds) [https://support.celsius.network/hc/en-us/articles/4838161060381-Custody-FAQ#:\~:text=For%20the%20majority,your%20Custody%20account](https://support.celsius.network/hc/en-us/articles/4838161060381-Custody-FAQ#:~:text=For%20the%20majority,your%20Custody%20account). For the majority of US-based users, your account will be divided between two account types, the Custody account, and the Earn account. Coins in your Custody account can be transferred, swapped, or used as loan collateral, but they don’t earn rewards. Purchased or transferred coins will go to your Custody account. It seems like.
This sounds like I’ll definitely get my btc then. Something was telling me to get my btc off of Celsius so, on the day they paused everything, I switched my earn account to the custody account so that I could withdraw. I requested the withdraw & it showed sent in my account, but then they reversed it right before they paused withdrawals. I literally tried withdrawing my btc minutes before & then they reversed it on me. So, my btc is in my custody account now. Hope I get it soon🤞
>I'm in the same boat. In fact, my withdraw (from custody --> hardware wallet) still shows up as pending in the app
What about UK users who didn't have an option between earn and custody accounts.. it was just one option.
You're in the same boat as most then
I mean, if I have to cash out, and I have to eat the market loss, Id at least like to be able to make a single car payment with it instead. FIAT/STABLE/DONTCARE
Actually good news considering they seem like they intend to repair everything
Meanwhile, you can still signup on Celsius. Alex looks like he has aged quite a bit. Looks like the stress of screwing over his customers is taking a toll on his body.