As a buyer of Celsius ive been listening to the hearings and studying the authorized docs submitted in chapter courtroom and its been a handful to say the least. Essentially the most fascinating factor to me was all the time title of belongings, may they actually simply slip one thing in to a ToS replace and mainly say its all ours? For months ive seen motions and objections for all the pieces below the solar:
“Celsius is promoting unlicensed securities and the contract is void. There was no sale or donation contract signed by prospects. These modifications in ToS had been predatory and never following moral enterprise practices. Celsius is a ponzi so the phrases are fraudulent. On the time of the ToS change Celsius was bancrupt. Within the phrases its nonetheless referenced to a mortgage, how can a mortgage switch title. In AMAs and former TOS it was mentioned that we personal our crypto.”
All of those causes and extra got to argue in opposition to title of belongings however immediately the ruling appeared to go in Celsius’ favour for the sake of quick monitoring chapter. Theres nonetheless an impartial investigation being concluded subsequent month on the fraud allegations which will change issues however the reality this was even shut goes to indicate that **ToS does matter**. I dont know what occurs subsequent, however look ahead to this stuff within the locations you do enterprise.
13 thoughts on “Celsius has been granted possession of buyer belongings. Learn the ToS everybody.”
Once again retail pays the price for the inability (or lack of good will) of millionaires.
At this point and with so many repetitions of the same pattern, I tend to believe these are all set up. Create an exchange/crypto service with its own token, gather money with shitty ToS, declare bankruptcy and off you go.
Terms are so fucking one sided. There are even sites that say that you must read the terms every single time you visit it in case there are changes.
That’s blatantly false. I was there the whole time and no ruling was made yet. It does sound likely that they will rule that EARN is property of Celsius.
This sounds horrific and straight up theft if it happens
What a joke
One of the most interesting things about FTX was that unlike Celsius and others their tos specifically stated that customer deposits remain the ownership of the customer at all times. They stole your shit after saying they wouldn’t.
This is simply not the case with companies like Celsius or Blockfi which state explicitly that they take your funds and use them to generate “yield”.
There is no separation of customer funds and company funds. You are an unsecured creditor lending them money to gamble with and are potentially owed nothing.
It will be interesting when all this ftx shit starts to unwind as the FTX situation, despite also being mega fucked, is completely different.
Sad day for all the peeps getting fucke by Celsius, me included. I already accepted my coins are gone but its annoying to see companies do this with no consequences.
Celsius was paying exorbitant rates versus risk free rates.
Celsius was prohibited form doing business in several US states.
Celsius was opaque about their business.
It’s on the users, not Celsius.
Goddamn how could I ever trust such a shady company. I guess it’s easy to say retrospectively
Why would you believe that you own your crypto when you’re not holding the keys? That’s just dumb, it doesn’t matter what a ToS or an AMA says, not your keys not your coins.
So, how would you estimate the chances of people getting anything back and how much if anything? Just curious
This means Mashinsky will be fine and SBF gets royaly fckd .