New York (Monitoring Desk) With the crash of the cryptocurrency lending company ‘Celsius Network’, the life savings of the customers were put on hold. According to Daily Dawn, the company’s bankruptcy has put an Irish man’s entire farm in jeopardy, while an American man says he is having suicidal thoughts as his capital sinks. An 84-year-old widow lost her life’s savings when the company crashed.
The company had assets worth billions of dollars, but it went bankrupt due to the rapid decline in the price of cryptocurrencies and several other factors. The American judge who is overseeing the process of declaring the company bankrupt has been receiving letters from various countries in which victims of the company are informing the judge of their plight.
It should be noted that Celsius CEO Alex Mashinsky called his company the safest platform for depositing cryptocurrencies and said that his company also offers the highest interest rate on cryptocurrency deposits. The company used to lend out the cryptocurrencies deposited by people and invest them. However, since the value of cryptocurrencies began to decline, the value of the company also began to decline and eventually went bankrupt. The company owes 4 billion 70 million dollars to its customers. It is worth mentioning here that since November last year, the price of Bitcoin has decreased by 60%.