LET'S REVISIT THIS CELCIUS NETWORK DRAMA SHALL WE? 😳😏😒

Sigh ….. Let’s get back to this Celcius Network drama. We previously talked about them filing for chapter 11 bankruptcy protection, and then last week we also saw that their CEO resigned and then said that he was working “tirelessly” to help Celcius put coins back into the hands of their customers.🤨

HERE IS LAST WEEK'S POST ABOUT THAT.

Welp! Today I found out that the top executives of the company withdrew $17M dollars between May and June 2022! This was right before they suspended all customer withdrawals on their platform because of “extreme market conditions,” and subsequently filed for bankruptcy! WHAT IN DA WORLD?? 😳👀😏😒☹️ This is a heap of nonsense!

Let’s see if I get this right: So these jokers took their money out, proceeded to suspend everyone else’s money, and then one month later filed for voluntary Chapter 11 in the Southern District of NY? Am I getting this right? Yep, Sherma you’re correct! That made me want to dig into the bankruptcy paperwork to see what they said, and so I did! Yall do not wanna know what I found out!😣😖

Filing for Chapter 11 normally ensures that secured creditors are paid first, then unsecured creditors, then equity holders; but I was unable to tell how the Bankruptcy Court (and Celcius) will classify their customers. What I found out from an article on Forbes dot com was that Celcius’ users will be treated as unsecured creditors. Unsecured creditors are most likely to be people/companies that lent money to NEXO without receiving security or collateral to protect their loans. If that’s the case, then no one really knows when (or even IF) Celcius customers will be able to get their assets back! This is a hot mess that will have to play itself out in Bankruptcy Court.

Listen! Before we invest/transfer our assets to any of these platforms we first check in with the Holy Spirit. If a mistake was made and someone invested somewhere that they shouldn’t have, no problem. Get it out as fast as you can. Cut your losses if there are any, but then hold on to your assets until you know where you’re supposed to place them. Always remember that God is for you and never ever against you. He wants you to invest your hard-earned money where it will serve you best and bring maximum returns!

If you’d like to learn more about stocks, trading foreign currency, or buying/holding/selling/staking cryptocurrency, please check out the link below. Click on DCX ACADEMY to learn about cryptocurrency; click on SFX ACADEMY to learn about stocks; TBX ACADEMY to find out more about time-based (binary options) trading; and FRX ACADEMY to learn about trading foreign currency. HERE IS THE LINK!

Tomorrow, as usual, we’re gonna flashback over the week, and what a week it’s been for cryptocurrency and stock news, WHEW! Happy Thursday everyone!😊

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™. The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestions in this post.