First investment lost...

By The Value | XEND IT | 29 Jul 2022

My first bigger, significant investment is the money funds frozen on celcius. Seemingly not completely lost because celcius succumbed to bankruptcy voluntarily referring to chapter 11.

"On July 13, 2022, Celsius Network LLC and certain of its affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York."

As above, Celcius announced bankruptcy on July 13th, but my investment, like many other users, was blocked a month earlier. Interestingly, many websites were saying that Celcius is in danger, because of their huge investment - an ecosystem of luna, which at that time fell almost to zero. I paid extra BTC, which I have collected over the last year from many websites with free crypto. It was over 100$ of my funds added. A week later a friend sent me a tweet, warning me what was about to come.

My bad

Unfortunately, I ignored it. I thought "ok, I can have frozen funds. Someday they'll unlock the withdrawal option. I'm going to keep my cryptocurrencies long term anyway". In summarizing, I made it possible for my money not to be recovered in case this black scenario was about to come true.

I got the last prize paid out on my birthday on July 8th (funny coincidence). The rewards are suspended, same as the payout month ago, but deposits are still open even at the time of the restructuring announcement, except for login information not to do so.

Here is my frozen money

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That's why we never keep our funds in one basket! ( I must admit that at that time, I wanted to throw everything in one place).

Possible course of the case

It is quite possible that, as investors and holders, we will see our cryptocurrencies in the future, it may take from one to even five years.

All because of legal matters, the whole process that has just begun.

It is also not known if we get a refund, whether it will be our actual deposits or the equivalent of our crypto in dollars.

Although, after tweets from the official Celcius account, they ensure that we will stay with crypto, that we will not lose our crypto, and that the entire reconstruction will be carried out with the community.

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The funniest thing about the whole thing is that after the funds were blocked, it was possible to deposit funds.

A community that fought hard to protect the token from shortages and bought tokens in huge amounts, repeatedly pumping the price by up to several hundred percent.

Meanwhile, Celcius at that time limited contact with the community to a minimum for a month. After that, they announced that the fight is over and the company is undergoing restructuring.

My conclusions

The moment when I lost my funds is a unique feeling and awareness during the investment that this money may not come back are two different states in my head. Probably this is not the last time when I lose money, therefore, I will treat it as a lesson and I will follow the course of the case, not opting for a refund, if it comes back ok, it will be a nice surprise.

Thanks for the time you devoted, have a nice day and wise and successful decisions.

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