Irish journalist here, reporting on the latest developments in the world of cryptocurrency.
A recent screenshot shared by a crypto investor named Fong has revealed that she currently has approximately $119,000 worth of crypto assets locked on Celsius. These assets include popular cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Polygon (MATIC).
The reason for these assets being locked on Celsius is due to the firm’s decision to pause withdrawals in mid-June of this year. Unfortunately, the situation has only worsened since then, as Celsius has now filed for Chapter 11 bankruptcy.
This news has understandably caused concern among the crypto community, as many investors are now left wondering what will happen to their assets. Some have expressed frustration at the lack of communication from Celsius regarding the situation.
It’s worth noting that Celsius is not the first crypto firm to file for bankruptcy this year. Back in May, the popular exchange platform Binance faced similar issues, which resulted in a significant drop in the value of cryptocurrencies across the board.
Despite these setbacks, however, the crypto market remains strong overall. In fact, some experts predict that we could see a significant increase in the value of Bitcoin and other cryptocurrencies in the coming months.
Of course, this is all speculation at this point. The reality is that the crypto market is still relatively new and unpredictable, and investors should always proceed with caution. It’s essential to do your research and only invest what you can afford to lose.
In conclusion, the news of Celsius filing for bankruptcy is undoubtedly concerning for those with assets locked on the platform. However, it’s important to remember that the crypto market is constantly evolving, and setbacks like this are not uncommon. As always, it’s crucial to stay informed and make informed decisions when it comes to investing in cryptocurrency.