Posted on 07/14/2022 8:14:04 AM PDT by EBH
Crypto lender Celsius Network has initiated bankruptcy proceedings, the company said Wednesday night, marking the third high-profile crypto firm to do so in the last two weeks.
The New Jersey-based firm filed bankruptcy under Chapter 11 with the Southern District of New York, stating it has $167 million in assets on hand to fund operations during restructuring.
“I am confident that when we look back at the history of Celsius, we will see this as a defining moment,” Alex Mashinsky, Celsius' co-founder and CEO, said in a release.
After the collapse of Terra’s algorithmic stablecoin UST, crypto lending and brokerage firms have faced solvency issues with common failings coming from directly investing in Terra coins (LUNA, UST), lending money to firms who did - such as now bankrupt hedge fund Three Arrows Capital - or simply losing out from other risky positions involving leverage.
The firm joins Three Arrows Capital as well as another lender, Voyager Digital, in the list of major crypto firms filing for bankruptcy protection.
(Excerpt) Read more at finance.yahoo.com ...
How’s Fahrenheit doing?
Another fake digital currency firm up in smoke 🤪
A fool and his money...
Getting drunk with Kelvin.
Invest in crypto they said.....you’ll clean up they said......
Crypto, a currency whose foundations are not even built on sand.
Those holding crypto are making a huge mistake, but good luck trying to talk any sense to these people.
crypto is getting too hot to handle
If they can’t take the heat stay out of the treasury!.............
But Fahrenheit has a degree. Kelvin doesn’t.................
How much are Governments losing from their skip through cryptocurrency ?
I own some Bitcoin just to find out how it works. My impression is that as a currency it has real promise; as an investment — which is how most people have been treating it — is as dangerous as any other form of currency speculation.
If I can’t drop it on my foot I ain’t buying it.
I know this might be a confusing opinion…but in the long term this is good for crypto.
The digital asset world is going through their version of the “dot com bubble.” Every fly-by-night crypto company was getting tons of venture capital money to do stuff that was not sustainable. They are now falling by the wayside.
The technology works. The purpose of Bitcoin was/is not to be an investment vehicle—but rather to be a new form of handling peer to peer transactions.
Once these scammers are kicked to the curb, the real investment money will begin to shine.
Like it or not, the blockchain isn’t going away. Getting rid of the idiots and their schemes will clear the forest and allow for real growth.
Last I checked it's at 451.
Exactly.
As the dollar as reserve currency comes under more and more pressure there will need to be an efficient method for transactions.
Will it replace the reserve currency? Not soon. Will it be a part of the future processes? Absolutely.
People who understand it’s true purpose can see that. People who don’t…talk tulips.
There are probably a million guys in their basement who did well enough in crypto day trading while crypto was on the upswing that they formed a “trading company” to get other people to invest with them. Now that the market is more volatile, expect many, many, many more of these bankruptcies along with some securities law and fraud charges by investors who lose their entire crypto investment with these guys.
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