After Celsius’s bankruptcy filing a month ago, the crypto industry was in pandemonium as prices plummeted. Recently, Celsius users have joined together to fight for the recovery of their monies.
Incidentally, the user community is becoming more active in legal battles. They have been using many social media platforms to unify users and gather resources.
According to a Bloomberg story, a Telegram group of about one thousand Celsius members has been fundraising for their shared cause. Not just Reddit, but also Telegram and Twitter have become conversation hubs for the community of Celsius users.
By requesting individual users to send letters to the court in the Celsius case, the communities are fueling legal fight efforts. The article said that they are also collecting donations for legal counsel.
Since being publicized on Reddit, the ‘Celsius Custody Accts’ Telegram group has gained more than 950 members. Several hundred users have paid $1,500 or more to join the committee of the organization.”
The crowdfunding effort has so far garnered nearly $3,000 from tiny contributions. Before the Celsius issue emerged and the community seemed to be in good shape, social media users were highly engaged.
According to the research, there are more than 47,000 active members of the Celsius Reddit community. The same organization is now the focal point of a concerted effort to recover user payments.
In addition to the Celsius community, the community of Voyager account holders is also highly active in their struggle. According to the article, a Telegram user group spent $5,000 on Voyager.
Members of the organization exchange information and debate potential legal actions to escalate their struggle for the recovery of funds. In the first week of July, Voyager declared bankruptcy. The crypto lender has exposure to Three Arrows Capital, a hedge firm. The company has over $1 billion in assets and over 1,000,000 debtors.