It’s protracted, but the elevator version is:
The Celsius Bankruptcy team (separate from Mashinsky, porn girl, et al) argued in the most-recognized corrupt court in the US, the SDNY Court, that according to Bankruptcy Law, everyone who withdrew their Bitcoin/Crypto 90 days prior to the official Insolvency was required to give their assets back - to be distributed to the other rug-pulled (i.e. in lieu of the Celsius team having to fully fund their scam).
It’s been ongoing, but the Celsius Litigation team has continually hard-balled this highly contested law. The argument for the affected is that the Bankruptcy Law-card they’re playing applied to earlier Ponzi schemes (like Enron) in which Insiders withdrew prior to bankruptcy, having inside info.
The SDNY has complied, and 1,000s of Individuals who withdrew (most knowing that Celsius was on the ropes) are being forced by a single State court order to “claw-back” their assets - at their value in early 2022. Such that those who foresaw and avoided the rug-pull are being compelled to bail-out the admittedly “completely fraudulent” firm for the obligations of those who did not see the collapse coming.
Keep in mind: most of those Crypto holders have seen their withdrawals go significantly down, even to nothing, while the Bitcoin holders have seen their withdrawals go up 5x. Keep in mind, Celsius’ “Director of Institutional Sales” did a porn vid in which she admitted she was in a financial firm, didn’t know why she was there, wasn’t sure if that was what she wanted to do in her life, yadda yadda. The early Court docs glaringly admit Celsius was completely fraudulent.
I know there are very few Bitcoiners affected by this, so it isn’t Zap-bait. But this is a clear and massive injustice for 1000s of people (but not Nation-States #linkBhutan) who saw what was coming, protected themselves, and now are being forced to bow-down to a bought and payed for singular Court in the US to bail-out the ignorant.
My 2 sats. Thanks for reading! Here’s a fun kitten!
