The redemption freeze at Celsius was akin to a small bank shutting its doors. But a traditional bank, overseen by regulators, would have some form of protection for depositors.Gee invested "every last bit" of her paycheques in crypto since 2018, which have built up into a five-figure sum. She has $30,000 of deposits at Celsius - part of her overall crypto holdings - earning her interest of $40-$100 a week, which she hoped would help her to pay off her mortgage.
"I believed in the company," Gee said. "It doesn't feel good to lose $30,000, especially that I could've put towards my mortgage." Celsius CEO Alex Mashinsky tweeted on June 15 the company was "working non-stop," but has given few details of how or when withdrawals would resume. Celsius said on Monday it was aiming to "stabilize our liquidity and operations.""I have seen multiple bear market cycles by now, so I am avoiding any knee-jerk reaction," said 23-year old Sumnesh Salodkar in Mumbai, whose crypto holdings are down but still in positive territory.
Halil Ibrahim Gocer, a 21-year old in the Turkish capital Ankara, said his father's crypto investments of $5,000 have tumbled to $600 since he introduced him to crypto.Another investor, a 32-year old IT worker in Mumbai, said he poured three-quarters of his savings - several hundred dollars - into crypto. Its value has plummeted by around 70%-80%.
I should sell him an nft instead
😂 hold brother
If it sounds too good to be true...🐮🐮
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