How long is Celsius allowed to go before being forced

Question

How long is Celsius allowed to go before being forced

to declare bankruptcy? Let's say they're able to settle all outstanding debts to institutional investors, but after repaying that, they don't have enough to repay us individuals. Then they reduced all rewards rates to 0.001% and do nothing for 6 months. And let's say by then BTC and eth have rallied a bit, and the merge happened so they have all the eth available plus the staking rewards, and they repay everybody. It would suck that our crypto was locked up and stagnant for a while, but at the end we'd get full value.
At this point my biggest fear is that they declare bankruptcy and are forced to sell all assets current prices, and we'd get a small fraction of 2022 summer bear market prices, years down the line

0

20.06.2022

9 ответов

9 просмотров

Somu

I don’t think it’s bankruptcy but who knows. They have been repeatedly saying it’s liquidity issue even in their recent blog post. I’m disappointed the way they’ve communicate me so far. They should open a limit withdrawal after a week but no action

0

20.06.2022

Shinua

pretty much forever according to their ToS. They’re only legally obligated to pay interest, which iss probably why they are stlil paying iit. they probaably cant change the rates either because we are creditors and cant disagree with the terms of lending (whereas before if you didnt like the interest rate change, you could just call your loan via withdrawal)

0

20.06.2022

Mike M

For estate planning purposes though, it would be prudent to consider everything you have in celsius as a total loss untill we hear differantly

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20.06.2022

Mike M

Shinua
pretty much forever according to their ToS. They’r...

Hmmm thats interesting

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20.06.2022

Somu

Shinua
pretty much forever according to their ToS. They’r...

Fuck with ToS, their marketing materials, promotion, video and twit against themselves and their ToS.

0

20.06.2022

Exodus Leong

Go get the facts right!

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20.06.2022

shao30

I hope they don't sell our Crypto

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20.06.2022

rex

Shinua
pretty much forever according to their ToS. They’r...

Ofc we all agreed to the term of service BUT and this is a big one, when the CEO goes on TV and twitter and promises everyone that they can take out their funds whenever and they never lock it up etc etc how will that look like in the court?

0

20.06.2022

Mike M · Accepted Answer

Mike M

We would probabaly have more information on whats to come well before 6 monthes from now If they continue staying radio silent, law suits will pile up and one of them will crack everything open

0

20.06.2022

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How long is Celsius allowed to go before being forced

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