Posted on 08/02/2022 2:39:33 PM PDT by dynachrome
Celsius Network, once a titan of the crypto lending world, is in bankruptcy proceedings and facing down claims that it was running a Ponzi scheme by paying early depositors with the money it got from new users. Some of the 1.7 million customers ensnared by the alleged fraud are now directly pleading with the Southern District of New York to help them get their money back.
Christian Ostheimer, a 37 year-old living in Connecticut, wrote in a letter included in court exhibits that he trusted Celsius with his retirement savings and has lost more than $30,000, which has brought him into “unsurmountable tax complications.”
“It is in your hands, honorable judge to make this a different case were not the lawyers, the attorneys, the big corporations and managers get paid out first but the little man, the mom and pop, the college grad, the granny and grandpa — all those many small unsecured creditors — so that they are not like usual at the end of the chain where they lose everything,” writes Ostheimer.
The question of who gets repaid first — should that day ever come — looms heavy over the bankruptcy proceedings.
(Excerpt) Read more at cnbc.com ...
Lost 30k?
Suck it up. Thanks to our C U Next Tuesday Governor I lost about $500,000 thanks to lockdowns.
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