Celsius Investors Might Not Be Able To Get Their Funds Based On The Terms & Condition
If you have been looking for a sign that screams, get off centralized exchanges and focus on hardware wallets or decentralized exchanges, this should be a sign. As you might have heard, Celsius paused deposit and withdrawals based on lack of liquidity to dispense to their customers and investors. This was because of the Luna Crash. This got me thinking about how volatile the crypto market is. Because it took only one crypto entity, which is the Terra Luna platform to crash and have all these crypto platforms falling like dominoes. Who knows what will happen when two or more crashes?
There has been rumors circulating about Celsius filling for bankruptcy, well, Celsius broke the silence and made it known and public that they have filled for bankruptcy. This made the native Celsius Token, CEL, to tank by 50%, at least by the time I was writing this. These are actions from angry investors who are so pissed with all these most importantly, they are pissed at the safety of their investment which Celsius jeopardized.
I currently see no hope in Celsius or think they will ever be one, because just like Do Kwon with the Terra Projects, the Celsius platform is gone. It should focus on paying investors their money. Even if they miraculously pay their investors their money, no one will trust them or believe them anymore because the safety of their investment has been ruined. Even though Celsius promised their customers that while the pause is being implemented, investors will still keep accumulating their rewards. Will this be enough to calm angry investors down? Absolutely not as most investors have started shorting the native token. But what caught my attention was the terms and conditions of Celsius.
Always Read Between The Line
I will like to congratulate myself for withdrawing my money from Celsius way before this whole fiasco. This is going to bring awareness to people to consider reading terms and conditions before investing their money into any centralized financial platforms.
From the above screenshot from the Celsius it seemed like customers might not be begetting their funds back based on the terms & conditions of Celsius.
Posted Using LeoFinance Beta
Definitely not getting the funds. Saaawwry mates!
Posted Using LeoFinance Beta
Sad for them
Very sad bro!
Posted Using LeoFinance Beta
That’s kind of expected, I am staying away from all that staking rubbish. It’s playing with fire
Me too, I am considering buying a cold wallet
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It lost its funding recently and your help would be much appreciated to keep the HiveSQL service free for the Hive community.
You can do it on Peakd, Ecency, Hive.blog or using HiveSigner.
Thank you for your support!
Just supported.
Thank you for your support, really appreciate it! 👍