Australia and crypto are becoming a huge pair, which is why so many people in the nation flocked to the Celsius Network earlier in the year to obtain potential interest on their coins. Thus, we can understand that many of them are not too happy about what’s occurred with Celsius over the past few weeks.
Celsius Customer in Australia Are Going Through a Tough Time
Things got off to a very rocky start when the crypto lending platform decided to halt all withdrawals a few months ago. The company announced that there weren’t any problems, and this was potentially a move that would protect it – and its customers – against ongoing volatility and market fluctuations. The crypto space was enduring the hardest bear market it had ever experienced, with assets like bitcoin losing as much as 70 percent of their value at the time.
But if this wasn’t bad enough, Celsius ultimately poured salt on the wounds it had given its customers by announcing it was in the middle of undergoing bankruptcy proceedings. This was designed to give the company the time it needed to sort its financial situation out, and it meant that no customers could take court action – or any other drastic measures, for that matter – to garner their funds back.
Apparently, many of Celsius’ customers were based in Australia. They have all grouped together and written several letters to a New York bankruptcy court explaining their plights and asking officials to consider their situations and take their sides.
Crypto critic Molly White ultimately got hold of many of these letters and offered her thoughts on the situation. She commented in an interview:
The stereotype of people who are putting money into crypto is … young, technologically savvy men, and that did not seem to be the demographic in the letters. There were also a lot of people who were saying, ‘This is my life savings, my pension. I worked ten, 20, 30 years to save this money.’
Many of the people in Australia said that upon receiving notice that they were being blocked from accessing their funds, they had contemplated suicide given that much of their funds had now been locked away by a seemingly twisted company. One of the customers – a pregnant woman – even wrote to Celsius begging that she be allowed to make a small withdrawal. She even included an ultrasound of her baby as a means of getting executives to hear her story.
Other letters said things like:
I have lost everything. How can I explain this to my son? I feel ashamed of myself.
That was our life savings. It was our chance of having a baby and funding medical expenses. It was our chance [to take] care of our parents as they age.
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