Molly WhiteAnother week of heartbreaking letters to the Celsius bankruptcy judge. This is only a subset of the excerpts I'm posting to https://blog.mollywhite.net/celsius-letters/
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Previous thread: https://twitter.com/molly0xFFF/status/1550160830762782724
Docket 154: The funds that I’ve invested have taken a lifetime to raise. Life will be hard without these funds, even if there are no emergencies. If there is an emergency, then there is simply no way that I could stand against it without these funds.
157: I am a single mother of 2 daughters who are going to college next year. I have supported my parents and my daughters by myself for whole life. ... My cryptos... [are a] huge amount of money for my poor family. ... I can’t focus my job or sleep.
160: I put all my personal savings [into Celsius] that were sitting in a bank account for various needs. ... I also sold $50,000 from my retirement investments and put them into Celsius. It took me years and years to save that money. Not sure if Ill ever get that back.
178: My job involves very heavy lifting, working in extreme weather conditions here in the far north Queensland tropics and very long hours given the lack of people in my sector up here. The plan was to work a ridiculous amount of hours and live in ...
... a very cheap run down property to maximise savings. The end game was to buy a house for myself and my child. I have no family over here and nobody to fall back on so I had to come up with a plan. I have lost everything.
179: I am a small depositor – an 84 year old widow on social security. The deposit was my life savings to pay for home care when I’m no longer able to care for myself. ... I made this decision after I watched the terrible care my husband received in a rehab hospital that also...
... was a nursing home. ... [N]ow I have to face the fear of the pandemic mistreatment of the ill elderly in a nursing home.
180: I am separating from the United States Military this week. I had saved over $100,000 which I deposited in Celsius Network in 2021, primarily as USDC. That money was set aside to support me through my post-military education. It took me decades of sacrifice to save that money
195: I had 95% of my life savings in Celsius... I have less than $30k now in my bank account, I have more than $330k AUD owning to the Australian Tax Office, and I have a $1.19m mortgage that is about to explode to a 16% interest rate because I will very soon be defaulting...
[TW: suicide]
... I have suicidal thought and the only reason I hadn't already taken my life was the burden that would leave my family, and I have lost 15% of my body weight in 6 weeks from the stress of suddenly losing everything that i've spent my entire life building. ...
... Worst of all, my mother split my home with me so if I default on the home she'll be homeless at 60 years of age with no other savings and her rock bottom to a place with no out will be on my hands and I just don't see a way where I can recover.
196: Why wasn’t Celsius overseen by the necessary institutions, I’m sure to get a licenses to operate the way Celsius has, there are government institutions that must oversee those balance sheets, the loans, the money, the lending. ...
... How is it even possible that a company gambles away billions of dollars, because it’s growing too fast and betting on a future where crypto currency value only grows in the short and long term, now this is extremely risky. Where was the oversight?
198: That was our life savings. It was our chance of having a baby, and funding medical expenses. It was our chance of taking care of our parents as they age. Since the halt of withdrawals, I have not been able to sleep or eat properly.
204: I am a retired senior citizen of the USA. I saw no opportunity to earn interest on my life savings in a traditional bank and inflation is at record highs. ... Now, I am facing financial ruin. ... I’m crying as I write this and feel sorry for us all.
205: The deposit amount consists of savings of both my parents and my savings from a combined working history of over 65 years. The emotional and mental stress that I have suffered from having my deposits frozen is considerable and I am trying to keep myself from falling into...
... a deeper mental and emotional hole. Suffering from chronic back pain since eighteen years old-over 35 years and no longer having access to my deposits, I have applied for welfare to make ends meet in the future since employment prospects are minimal with my condition and age.
212: My mother died from Multiple Myeloma (blood cancer) in 2018 and I was a beneficiary of her Trust. I used most of that inherited money to buy bitcoin and a few altcoins in 2019. ... I’m 56 years old. Alex Mashinsky has bankrupted my retirement. ...
[TW: suicide]
I could go on for several more pages about how we investors were lied to, misled, tricked and defrauded ... but I have exhausted my desire to live. My passing is 100% the fault of Alex Mashinsky. Mashinsky and his crime ring have stolen over $60,000 from me.
218: As customers we cannot do anything with our Crypto other than log onto the app and watch our money in purgatory. Only my wife and a close friend know, I’m too ashamed to let anyone else know.
222: This is one of the most devastating experiences of my life but even more painful, is that I advised my three sons to invest with Celsius and now they also are facing tremendous losses as well.
228: I do have my hard working money for the past three years deposited in Celsius and I just find out I can’t withdraw, I’m a 56 old man with out job due to the low jobs in construction and hard to find something else special at my age and I’m asking please for help.
229: My crypto holdings in Celsius were most of my life savings. [This] ... puts my family into the worst financial situation before the possible recession starts. I’m a young professional who has also taken care of my parents and am now more than ever frightened to lose my job.
230: I deposited money on the Celsius platform as a retail investor who wanted a chance to actually make the gains that the ultra wealthy and rich have done for years. But it turns out it was too good to be true. In total I have about 60% of my partner and my savings [in Celsius]
242: The fact that Celsius is regulated by the state of New York and SEC compliant was a significant reason I decided to trust Alex and move my money on to this platform... I trusted that my money was safe on Celsius because of the fact that Celsius is regulated in the...
... United States, so it must be safe, since they would never be able to make uncollateralized loans using my USDC coins as collateral, the regulatory body would never allow such a thing, especially after the 2008 financial crisis.
243: We are a common family trying to generate some extra income by taking risk as banks do not ay any interest... Now we lost everything, we needed to pay our daughters studen loan, parents medical bills with the earnings from crypto but all is locked up in Celcius.
258: I am a disabled citizen who is dependent on government assistance... I broke my neck when I was 21 and this left me a quadriplegic, paralyzed from the neck down, and wheelchair bound. I recently turned 40. Aside from government assistance, I try my hardest to do my part...
... and get work whenever and wherever I can. I am able to achieve this with the aid of my elderly mother who is unable to work herself. ... Crypto currency was my one hope of some sense of financial security ...
... I do not seek luxuries, Your Honor. I only wanted to be able to afford basic necessities.