Cosmotek
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. ...
Derek Caelin 🌱@molly0xfff heartbreaking
Nemo_bis 🌈@molly0xfff I'm sorry but I lol'ed at this one: «Regulations are supposed to provide security. Hasn’t anything been learned since the 2008 financial crisis?»
Yes, the learning was the Dodd-Frank act. Capital requirements of 8-10 % for banks. #Celsius declared 200 M$ equity and had some 20 G$ in assets, which sounds more like 0.1 %.
Scott Williams 🐧@molly0xfff I'm so glad I talked my grandmother out of investing her retirement savings into #crypto a few months ago. These stories are heart wrenching.