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.’

Customers of Celsius Network have written to the Bankruptcy Court for the Southern District of New York in an attempt to get their money back.

Since June 12th, withdrawals have been halted by Celsius, which said it had more than 1.7 million users. Consumers could buy, borrow or deposit cryptocurrencies and earn interest of up to 18.6% per year. Bankrate says that most high yield savings accounts in the U.S. have an annual percentage yield of 1% or less.

The company has a large hole in its balance sheets. More than $4.7 billion was owed to Celsius's users as of July 13th. According to the filing, the company had over $4 billion of assets.

Celsius noted that its customers transferred ownership of theircryptocurrencies to the company, a move experts say could potentially hint at its plans to ask its users to be treated as non-bankruptcy victims in the process.

Is your coin on Celsius or the other way around? You may be able to get your money back if certain factors are met.

Many Celsius customers wrote to the court saying they were lied to. Celsius kept telling people they were better than a bank. Better returns is safer. One of the platform's customers said they had billions in liquid cash.

Stephen Richardson wrote in a letter to the court that Alex talked about how Celsius is safer than banks because they don't rehypothecate and use fractional reserve lending. He said that he has more than six figures worth of digital currency on the platform.

Richardson said that he was embarrassed, ashamed, and disgusted by the lack of transparency from the company.

Celsius didn't reply to the email.

A social media thread shows how Celsius clients can get in touch with the bankruptcy court and Trustee. It is not known if the posting has led to individual letters to the court.

A single mother of two daughters headed to college wrote in a letter that she and her family were severely impacted by the bankruptcy and locked up coins. If my coins are still there, I check the app to make sure. I can't concentrate on my job or sleep.

My entire life, I have supported my parents and daughters by myself. She wrote that she was struggling to make ends meet.

Stephen Bralver said he has less than $1,000 left in a Wells Fargo checking account, after Celsius froze all withdrawals. Bralver called for a release of his funds with Celsius in order to keep a roof over his family's head.

Some investors have lost confidence in centralized platforms because of the bankruptcies.

Sean Moran wrote in a letter that he lost his farm and his family was homeless because of Celsius's bankruptcy. His family were distraught with his decisions of trusting Celsius and promising them a better future.

Some investors are still confident in the asset class. Brad Ungar wrote a letter to the bankruptcy court stating that he didn't have faith in the management of Celsius.

I would like to request that you allow all Celsius depositors to withdraw theircryptocurrencies completely, instead of converting their claims into dollars on a fixed date.

In a presentation posted by Celsius on its website, the company said it would give customers the option to recover cash at a discount or stay long.

The world's largest digital currency was down 2.5% Monday to $22,153 and off more than 70% from its peak. The S&P 500 index rose 0.1%, while the Dow Jones Industrial Average gained 3%.