The news that you've lost $100,000 to the Celsius is one of the worst things to wake your pregnant wife up with.
Jack Holcomb, a Celsius user, told The Wall Street Journal that he took out a home equity loan to invest in stable coins. Holcomb was expecting to make $7,000 per month in returns when he invested in Celsius.
It's unlikely that Holcomb and his wife will get back the $4.7 billion of user funds that the sunken Celsius ship took over.
He told the WSJ that he was able to pay back the loan by dipping into his savings. Losing $100,000 isn't enjoyable.
Celsius quickly rose to prominence with its pro- user, anti- bank messaging. One of the platforms that embraced the risk-happy language of the now-fraught market was the platform. Holcomb was one of many amateur investors who were willing to dip their toes into the booming industry.
All customer funds were frozen back in June. He told his wife the news when he shook her awake. She asked her husband if he was joking and then went to sleep.
Holcomb wasn't making a joke.
Web3 investors have a long history of believing in digital assets. It's painful for those who chose to trust organizations promising stability and security to be shaken by the widespreadcryptocurrencies crash.
"I've never had a bank tell me, 'I'm sorry, we're not allowing you to withdraw your money,'" Dave Jachelski said. Things can be too good to be true sometimes.
They thought cryptocurrencies were safe and crashed.
The manager of a company was arrested as he tried to flee the country.
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