Looking to get your funds out of a collapsed crypto platform? Don’t get your hopes up

[superadmin]

• Crypto platforms Celsius and Voyager filed for bankruptcy protection after suspending account withdrawals.
  
• The debacle raises questions about what happens to investors’ funds when an exchange ends up failing.
  
• Traders hoping to recoup some or all of their holdings anytime soon are likely to end up disappointed, according to legal experts.
  

Traders hoping to recoup their funds from failed cryptocurrency exchanges anytime soon are likely to end up disappointed, legal experts tell CNBC.

Crypto trading and lending firms Celsius and Voyager Digital filed for bankruptcy this month, leaving users’ assets trapped inside their platforms. Both firms froze client accounts after an influx of withdrawals led to liquidity issues.

Celsius operated much like a bank, taking customer deposits and lending them out or making risky gambles on so-called decentralized finance products to generate high yields.

Voyager had a similar model. The company got caught up in the collapse of high-profile crypto hedge fund Three Arrows Capital, which itself went belly up after defaulting on a $660 million loan from Voyager.

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[liamyhmallant]

How do these traders hope to recover their assets from the collapsed exchange? They should understand that the collapsed exchange no longer contains any financial savings. By the way, I never liked Celsius because it had an inconvenient app. I prefer those exchanges where it's convenient to trade via mobile devices. I don't always have time to buy a coin from the computer when I receive another notification from 2-moon. These crypto signals can be received anytime so as not to study the cryptocurrency market yourself. You can check details on https://crypto-informator.com/blog/2moon-review/ to understand what I'm talking about.

[superadmin]

How do these traders hope to recover their assets from the collapsed exchange? They should understand that the collapsed exchange no longer contains any financial savings. By the way, I never liked Celsius because it had an inconvenient app. I prefer those exchanges where it's convenient to trade via mobile devices. I don't always have time to buy a coin from the computer when I receive another notification from 2-moon. These crypto signals can be received anytime so as not to study the cryptocurrency market yourself. You can check details on https://crypto-informator.com/blog/2moon-review/ to understand what I'm talking about.

Bitcoin is the greatest scam in history

I’m tired of saying, “Be careful, it’s speculative.” Then, “Be careful, it’s gambling.” Then, “Be careful, it’s a bubble.” Okay, I’ll say it: Bitcoin is a scam.

In my opinion, it’s a colossal pump-and-dump scheme, the likes of which the world has never seen. In a pump-and-dump game, promoters “pump” up the price of a security creating a speculative frenzy, then “dump” some of their holdings at artificially high prices. And some cryptocurrencies are pure frauds. Ernst & Young estimates that 10 percent of the money raised for initial coin offerings has been stolen.

The losers are ill-informed buyers caught up in the spiral of greed. The result is a massive transfer of wealth from ordinary families to internet promoters. And “massive” is a massive understatement — 1,500 different cryptocurrencies now register over $300 billion of “value.”

It helps to understand that a bitcoin has no value at all.

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