In the famous words of queen another one
bites the dust celsius network, the people's
choice when it came to storing your crypto
for a decent yield has just filed for chapter
eleven bankruptcy. This comes shortly after
two other major players voyager digital and
three arrows capital,
which is a hedge fund also filed for for
bankruptcy. But what does this mean for
depositors and investors who put their money
into celsius to earn vields on their crypto
currency? Well, it's a great question and it's
actually one that I'm asking myself, as I still have some funds in celsius that I truly
hope I may one day see again, although given
this news, it seems quite unlikely, keep in
mind that none of this is financial advice. This
is purely my opinion on the celsius situation.
Now I gotta say I'm thankful and a bit lucky because I was
able to get most of, but unfortunately not all
of my crypto funds out of celsius just about
twenty hours before the company announced
that we were freezing, withdraws, transfers
and swaps back on their platform almost
exactly one month ago, on june twelfth, you can see
right here that I actually announced this to my
private membership group lenny to know
that I was worried about the state of celsius
and how there were several reports of celsius
not disclosing the risk of some of their investments. These investments that
celsius was making was to earn even more
yields so that it could act actually pay out the
you that they promise to all their deposit and
community. That being said, hopefully that
alert helped the people in my private group
avoid this catastrophe as well. The truth is with alerts
like that. I can't get videos up fast enough to
warn you guys about real time events that are
happening. So if you want to receive those
real time alerts that I just cannot get up here
on youtube quickly enough, you should consider joining my
group down below linked down in the
description or a card right up here. As I
highlighted in the post, I think it's critically
important, especially in these rough markets
and these ridiculously tough times to be
taking as much risk off the table as you can after I wrote it luna
from eighty thousand dollars all the way to
zero. I am not inclined to make the same
mistake twice. I also warn my private group
that I was removing all of my crypto assets.
Falls of exchanges and into cold storage. It'd be a hardware
wallet which at this point, maybe the only
spot you can have full control over your own
coins. Even top exchanges like queen bee
spine and sport f, t next may or may not be
safe. We just don't know so. Why take the risk? The truth is
the only race you should be taking right. Now
is absolutely smashing that, like button,
sometimes it feels pretty good and, in my
opinion, that's a risk worth taking for those of
us who still have funds in celsius. What can we
expect? Nobody really knows just yet, but if
we look at voyager and their situation, which
is another crypto exchange, they have also
filed for chapter eleven bankruptcy, and the
lawyers that are devising voyager on their case are actually now the same. Lawyers that
are working with celsius for the restructuring
plan in their chapter eleven filing.
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