Finally Recovered Some of My "Lost" Money From Celsius
So, as many of you have read on this forum from my previous article and from others stung by the same, Celsius pulled a number on a lot of cryptoholders when the company filed for bankruptcy without warning. Like a lot of platforms right before the big Bitcoin drop in 2021, Celsius was offering big teasers that were too good to pass up. I fell for it, like a lot of folks, and racked up something like $300 on their bonuses for my $250 transferred in. However, when BTC dropped down to $16k, it wiped out the liquidity of a lot of platforms, which led to the demise of many platforms built up on crazy offers and no cash behind them to sustain long-term support. FTX, Luna, Celsius and others all folded. I was surprised Nexo didn't fold as fast too.
Recovery Claims Actually Realized
In any case, the bankruptcy of Celsius has finally been closed, and this is a great post for recovery payments are being sent out. I got mine for the BTC value I had a share in, and then the rest of my coins were converted to ETH and paid that way as well. In total, I got about $190 back. My overall account was worth $550, but really it was $250 out of pocket. So, a net loss of $60 is not the worst result that could have occurred, and it's a lot better than $0. Ironically, the crypto paid out is at about the same value it was when the drop started happening which lead to the bankruptcy. So, my recovery misses out on the return and gain BTC had since it's climb back up from $16k. Could have been worse, all things considered.
Paper Money Means Nothing
And again, as I stated in my original article, the whole experience taught me a valuable lesson or two: 1) never leave balances on centralized accounts, and 2) only use exchanges for swaps, not brokerage accounts. Fek Celsius and Alex Mashinsky. Glad that chapter is now over completely.