Celsius customers write pleas to bankruptcy court to get crypto back: ‘This is an emergency situation, simply to keep a roof over my family and food on their table.’

Some customers of crypto lender Celsius Network, which filed for bankruptcy earlier this month, have written to the Bankruptcy Court for the Southern District of New York, with a hope of getting their funds back.

As digital assets crashed, Celsius, which said it had more than 1.7 million users as of June, halted withdrawals since June 12. The crypto lender allowed consumers to buy, borrow or deposit their cryptocurrencies and earn interest of up to 18.6% annually. Most “high yield” savings accounts in U.S. dollars offer annual percentage yields closer to 1% or less, according to Bankrate.

Celsius has a roughly $1.2 billion hole in its balance sheets, according to bankruptcy filings. It had $5.5 billion total liabilities as of July 13, including more than $4.7 billion owed to Celsius’s users. The company had $4.3 billion of total assets, according to a filing.

Source: https://www.marketwatch.com/story/celsius-customers-write-pleas-to-bankruptcy-court-to-get-crypto-back-this-is-an-emergency-situation-simply-to-keep-a-roof-over-my-family-and-food-on-their-table-11658784650