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A Possible New Celsius Token To Compensate Creditors by readthisplease

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· @readthisplease ·
$2.17
A Possible New Celsius Token To Compensate Creditors

Don’t know if this should be considered a good news or a plot to get out of the situation by Celsius. Celsius, a crypto lending platform that had big insolvency issue in 2022 due to investing customers funds and losing it. If I can remember I think it’s all because of the Luna crash, most of these platforms were getting enriched from using customer’s funds to invest on some high risk investments. They lost it and are finding it difficult to repay these investors right now. So what’s do they do next? 
![99C3F70098A3471D8AA85E273CB29642.png](https://i.imgur.com/RjIBOSE.png)
[source](https://www.google.com/amp/s/coingape.com/celsius-token-jumps-75-on-restructuring-hopes-but-theres-a-catch/amp/)
I once had assets in Celsius but removed it 2021 before the 2022 crash, I have some Celsius tokens in my Celsius account which is my reward for using Celsius, so I guess they still classify me as one of their investors. This is the reason I am still getting updates from Celsius regarding the bankruptcy and insolvency solutions through mails. They have been prolonging this insolvency issue leaving investors with the feeling of uncertainties without knowing if they will be getting their funds back. 


In 2022 when Luna lost its peg and crashed heavily, a new Luna token was introduced to compensate all Luna holders that lost the value of their assets. This made the previous Luna token to get renamed to Luna Classic and the new Luna token took the Luna name. The crypto exchange or rather bitcoin exchange company known as bitfinex also took the same step, by creating a token to compensate its customers that lost some of their assets in 2019. I guess creating a new token is one of the solutions to compensating creditors whenever a crypto platform goes insolvent. 

This is another way of raising funds because, when these tokens get created, they are airdropped to these creditors as a compensation plan, they are given the choice to keep it or sell it. Depending on the amount or volume of liquidity pumped into the token, will determine the value of the token. Traders will trade the token, the token will either pump or dump, creditors are likely going to get the value of their lost asset back if it pumps, but risk hoping it would by holding. So it’s not really a case of good news though, it’s just another way of Celsius getting theirselves off the hook. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@readthisplease/a-possible-new-celsius-token-to-compensate-creditors)
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vote details (70)
@shainemata ·
$0.02
I fall into the category of people who are going to be paid out. But, they don't say how. I'm hoping they convert my CEL to cash and send me the cash or USDC. 

In my case, I had other needs that led me to withdraw a majority of my deposits before things went bad. I think I have less than $1000 in Celsius. 
👍  ,
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