Celsius files for Bankruptcy - Join the Copium Party! 🥳 🎉

Sometimes the best way to cope with unfortunate news is a few good memes...

I am sure many of us here are expecting to get rekt with this news. The sentiment around the CelsiusNetwork Reddit community seems to be fairly bleak. Woke up this morning to this email notice from Celsius:

Moments ago, we announced that Celsius voluntarily filed petitions for Chapter 11 reorganization. You will be able to find the official announcement here.

Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, Swap, and transfers on its platform to stabilize its business and protect its customers. Without a pause, the acceleration of withdrawals would have allowed certain customers—those who were first to act—to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery.

Following the stated pause on June 12, 2022, we want you to know that we spent a great deal of time exploring our options.

These Chapter 11 cases provide the Company with the best opportunity to stabilize the business, consummate a comprehensive restructuring transaction that maximizes value for all stakeholders, and emerge from Chapter 11 positioned for success in the cryptocurrency industry.

We apologize that communication with our teams and community has been very limited over the past few weeks, and we look forward to being able to offer greater transparency with everyone through our reorganization, which encourages dialogue with all stakeholders.

Unsurprisingly, the Suicide Hotline post has reached the Hot section today

This is a sad day for Celsius users like myself. Many of us have held on to whatever hopium we could get but the FUD is starting to take hold as the reality of a Chapter 11 filing sets in.

There has been a myriad of Blockchain sleuths performing on-chain analytics such as @otis502 on Twitter and Reddit user ENE as well as Bitcoin early investor, Simon Dixon, gaining prominence during this crisis while advocating various solutions but it all seems for naught at this juncture.

**Full Disclosure: I have deposited what would be now worth $17k of assets that I stand to lose. Approximately, 15% of my crypto holdings.**

What can we do now? I have yet to fully explore my options which do not seem to be much other than a yearly tax write-off of $3k USD in the US. At that rate, I would hope to recoup this loss in 6 or so years but that's not the point. I invested in crypto because I *believe" in crypto.

It's not merely Lambos in the sky or the proverbial moon landing but rather a philosophical assertion that these technological innovations WILL shape our future. The gains are merely secondary.

Don't get me wrong. I do have hopes of being able to eventually pay off our mortgage so gains would certainly get us closer to that goal but it's not like said goals are now unattainable. Rather they are just delayed for the time being.

That's glass half full thinking and I urge anyone in this space to make it their practice. It's also good to be able to cope using memes which are a good way to express one's feelings in humorously novel ways that are relatable.

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Let's start with this "Community" meme that I shared to the sub.

One of the things that get me about potential scammers is the language they use. They'll say community this or community that or they're working hard for "the community". Some may use such language in earnest but it seems that often "community" is a go-to word the morally unscrupulous will use while they are robbing you.

The next meme was one I posted to take the edge off using the age-old banter between the English vs Metric systems of measurement while sharing a common sentiment.

Excuse my French but...

That's all I have for today. Hopefully, all of us Celsius depositors are made whole one way or another.

Thanks for stopping by! ✌️

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