Crypto Frontline

Investors have demanded the Celsius Network return their investment money. These investment participants of the troubled cryptocurrency exchange platform hail from around the world.

We find this cryptocurrency-related news about the Celsius Network’s investors important and worth sharing with our followers. 

We believe it can serve as a caveat to our readers who may be interested cryptocurrency investors and help them stay safe in their virtual currency investment journeys.

Based on the Wednesday, August 3, 2022 report posted online by Nigerian news company Legit Nigeria, hundreds of investors who lost considerable amounts of their investment money to the Celsius Network wrote several letters.

They detailed their anguish and begged the District Court of New York to aid them in their investment funds’ recovery from the embattled cryptocurrency exchange platform.

Katie Davis is one of the Celsius Network’s investors. She is from Australia and pleaded the court’s judge for the return of her investment money worth US$138,000.

Davis affirmed that these investment funds, which have been stranded on the Celsius Network platform, belong to herself and her husband. The anxious investor remarked that the thought of losing her investment funds was extremely shocking.

Davis cited that she would end her life if she did not get her investment money back because her financial loss would significantly affect herself and her family.

The lawyers of large companies that invested in the Celsius Network have fought to have their clients paid by the cryptocurrency exchange first. However, Christian Ostheimer told the judge to make a difference in their lawsuit.

This 37-year-old American investor from the US state of Connecticut relayed that he trusted the Celsius Network with his retirement savings and had lost approximately US$30,000.

Ostheimer remarked that his investment in the virtual currency platform had brought him nothing more than a tragedy.

The Celsius Network is among the world’s largest cryptocurrency lending platforms to date. Last month, it went bankrupt and revealed that it owes roughly US$4.7 billion to 100,000 creditors.

The Celsius Network is presently undergoing bankruptcy proceedings. Furthermore, it is facing accusations from its investors that it was operating a Ponzi asset scheme by paying early investors with the funds it obtained from new ones.

We certainly feel sad for the Celsius Network’s investors. We gathered that there are hundreds of them demanding the return of their investment money worth millions of US dollars.

These investors of the collapsed virtual currency exchange platform poured their hard-earned life savings into the company. 

Today, they are unfortunately fighting to stay financially afloat, if not alive. We hope the US Government can intervene and help these victim-investors. 

We also want to advise our followers to be careful in their investment journeys next time, especially if they are among the Celsius Network’s clients. 

We hope this incident serves as a hard but necessary and emboldening learning experience for them.