Celsius, a cryptocurrency lending company has recently filed to be bankrupt suspending all withdrawals. However, right before they had filed for it, the top executives of the company had withdrawn around the US $17 million in cryptocurrency.
The ones that had withdrawn their cryptocurrency before filing for bankruptcy, had taken the sum of money out in the forms of Bitcoin, Ether, USDC, and CEL tokens. However, records fail to show significant withdrawals of many other executives before the bankruptcy and suspension of withdrawals.
As all their users are keenly waiting to hear what the court determines and seeking to withdraw their funds, Celsius has been regularly updating them through Twitter. Yesterday, Celsius uploaded an image to help the audience better understand the ongoing court case.
They had cleared the mist of the Descriptive purpose field in our Schedule of Assets and Liabilities and Statements of Financial Affairs through the image shared on Twitter. They explained terminologies like Deposit, Withdrawal, Inbound and Outbound Transfer, and Interest.
They continue to explain more terminology that people might be confused about like Internal Account Transfer, Swap In and Out, Loan Principal Payment, Loan Interest Payment, Loan Principal Liquidation, Loan Interest Liquidation, Collateral, Operation Cost, Referred Award, Referrer Award, Bonus Token, and Promo Code Reward. Explaining each of the terminologies will help people follow the court case with a crystal clear concept of what each term means.
However, Twitter and Celsius users are unsatisfied with this tweet. They accuse the executives of insider trading and fraud. Most of them simply wish to be able to withdraw their funds to prevent further losses. They mock the company by asking for a definition of ‘Insider Withdrawal Before Bankruptcy’.
In the latest court hearing, Celsius revealed key information about thousands of users’ transaction histories. This has shocked the users as security concerns rise as customer names, crypto wallet ID, transaction type, amount, types, and quantity of tokens possessed by the customer and the service customer had used has been revealed in the documents.
