$4.2 billion gone: Celsius customers have themselves to blame!

The verdict has been pronounced, shattering any hopes of injured Celsius investors. A US court on Wednesday awarded ownership of customer deposits to the insolvent crypto lending service. 4.2 billion US dollars remain in the bankruptcy estate. The anger is great and the frustration even greater. Investors are partly to blame for this.

Needless to say, alarm bells should ring when a provider offers yields of almost 20 percent to its customers. To paraphrase Gandi, “The world has enough for everyone’s needs, but not for everyone’s greed.”

It’s also not about the now almost sacral mantra “Not your keys, not your coins”, which should hang framed in almost every room of a crypto enthusiast.

This time it’s more about the good old “small print” that is hidden in the Celsius terms and conditions. It said, “The balance of digital assets you lend to Celsius and any profits derived therefrom…are the property of Celsius in all respects and for all purposes.” In this case, the Washington bankruptcy judge had almost no choice but to attribute the assets to the crypto lending service.

As painful as this circumstance may be for those affected by Celsius, the chance for justice is far from off the table. Because like New York prosecutor Letitia James yesterday tweeted, she is suing the former Celsius CEO for fraud. Should the American be victorious, she promises to pay out the funds to the New Yorkers. While the majority of investors will probably get nothing, at least for the citizens of the “Big Apple” there is a glimmer of hope.