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| Name | Celsius users with crypto collateral stuck turn to bankruptcy process - Cryptoweast |
| Video Uploader | Video From Cryptoweast |
| Upload Date | This Video Uploaded At 04-12-2022 14:11:25 |
| Video Discription | That was the Celsius model. Cryptocurrency investors could essentially store their holdings with the firm in exchange for a loan in dollars that they could put to use. Knitowski would get the bitcoin back when he repaid the loan. But that’s not what happened, because Celsius, which earlier in the year managed $12 billion in assets, spiraled into bankruptcy in July after a plunge in crypto prices caused an industrywide liquidity crisis. Knitowski and thousands of other loan holders had more than $812 million in collateral locked on the platform, and bankruptcy records show Celsius failed to return collateral to borrowers even after they repaid their loans. “Every aspect of what they did was wrong,” Knitowski, who runs an Austin, Texas-based company called Phunware , said in an interview. “If my CFO or I actually did anything that looked like this, we would immediately be charged.” Creditors are now working through the bankruptcy process to try and reclaim at least a portion of their funds. They were provided with some level of optimism on Friday, after Celsius announced the sale of its asset custody platform called GK8 to Galaxy Digital. Visit our website to read more www.cryptoweast.com That's all for today, hope you liked the video, subscribe us for similar crypto related news. See you again tomorrow with a new exciting news . celsius crypto,crypto,celsius,celsius chapter 11 bankruptcy,celsius network,celsius bankruptcy,celsius bankrupt,celsius withdrawal,crypto.com vs celsius,celsius chapter 11,crypto crash,celsius wallet,crypto news,celsius update,celsius vs crypto.com,celsius network review,celsius lawsuit,celsius network crash,celsius network update,celsius network bankruptcy,celsius network 2022,celsius network news,celsius crash,celsius bankrupcy,3ac crypto [jQuJn73PfPY] |
| Category | News & Politics |
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