Potential Bankruptcy on the Way for Celsius, What's in for the Users?
The Celsius Network that houses millions of users' accounts and what they call home has now become scary and unbearable. The platform has now entered weeks of restricting their users from accessing their accounts/wallets, some have begged that all they have and life savings are being stored there, that something should be done about the problem before they start begging on the streets.
However, the Celsius Network has been making statements here and there which some have even called rewording because there’s nothing new to what they are saying, instead they need a solution, assurance and a clear understanding as to what is really going on with the platform and what will happen to their assets stored on it because they can’t withdraw, swap, and even make transfers, it has become unbearable for them.
All the statements and promises that the CEO and Celsius Network itself have been making the next they have made now have raised a lot of questions from the users. There have been reports that the Celsius Network has hired consultants in order to prepare for bankruptcy but they said is however to prepare for the worst possible outcome, I don’t really see any difference in that though.
The major problem with the Celsius Network is Liquidity issues and also the bear market also played a major role in the current problem they are facing. This is unclear but they are rumours that there are proposals that other competitors are looking to acquire the platform either way what will happen to the users' wallet and their assets? How will it affect them if they eventually file for bankruptcy? Well, let's just hope they still have a possible solution for the problem and this is just a move to prepare for any worst-case and not really bankruptcy.
If they eventually do it, they might also say they have the right according to their terms and condition as they said when they first suspended all withdrawals, swaps and transfers. They have really taught me to start reading terms and conditions.
Posted Using LeoFinance Beta
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