Irish journalist reporting on crypto assets locked on Celsius
A screenshot shared by a crypto investor, Fong, has revealed that she currently has approximately $119,000 worth of crypto assets locked on Celsius. The assets include Bitcoin (BTC), Ether (ETH), and Polygon (MATIC). The crypto investment firm had paused withdrawals in mid-June 2022, prior to filing for Chapter 11 bankruptcy the following month.
The news of Celsius’ bankruptcy has come as a shock to many crypto investors who had entrusted their assets with the platform. Celsius had previously been regarded as a reliable investment platform, with a user-friendly interface and attractive interest rates. However, the recent turn of events has left many investors in a state of uncertainty and concern.
Fong’s experience is not unique, as many other Celsius users have also reported being unable to withdraw their assets. The situation has prompted widespread criticism of Celsius, with some investors accusing the platform of mismanagement and fraudulent practices.
Celsius’ bankruptcy has also raised questions about the safety and security of crypto investments. While cryptocurrencies have gained popularity in recent years, they remain largely unregulated and vulnerable to market fluctuations and cyber attacks. The incident has highlighted the need for greater transparency and accountability in the crypto industry.
In response to the crisis, Celsius has issued a statement reassuring investors that their assets are safe and that the firm is working to resolve the issue. However, many investors remain skeptical and are calling for more concrete action to be taken.
The incident has also sparked debate about the future of crypto investments. While some investors remain bullish on cryptocurrencies and see them as a viable alternative to traditional investments, others are more cautious and are calling for greater regulation and oversight.
In conclusion, the situation with Celsius serves as a cautionary tale for crypto investors. While the potential rewards of investing in cryptocurrencies can be significant, the risks are also high. It is crucial for investors to do their due diligence and carefully assess the risks and benefits of any investment before committing their assets.