10M Worth of BTC and ETH Belonging to 2 Indians Stuck In Bankrupt Celsius
People from all over the world suffered when unexpectedly Celsius Lending Network filed for voluntary Chapter 11 bankruptcy on the 13th of July 2022- exactly three months ago. The major reason behind this move was the sum it owed to Compound, Aave, and Maker. The victim who suffered the most is Jacob Benjamin Fite who lost $40M worth of BTC, CEL, and USDC.
2 Fateful Indians Among Top 50 Most Affected
Balbahdur Sing, who is 35th on the list of 50, has lost almost $6 Million which now seems impossible to recover. He had considerable deposits in the form of BNB, BTC and ETH invested in the doomed Celsius Network.
The other Celsius-affected person from India is Tarun Sondhi who is 49th on the list of the top 50 and has reportedly lost around $5 Million mainly in BTC, CEL, and Ethereum. The combined amount lost by these two gentlemen is more than $10 Million.
Although the Indian Government is strictly against investing in crypto but still these two businessmen managed to invest so much money in crypto. India is notorious for imposing strict regulations on the crypto sector. Recently, India launched its CBDC initiative for the development of the digital rupee.
Will Celsius Victims Get Their Money Back?
Some victims have continuously raised their voices and presented some proposals as well but nothing has favoured them much. The top name among them is Simon Dixon who had offered to rescue Celsius by investing some money through his firm, Bank To The Future. Simon’s personal $10 Million is also invested in Celsius which means he is also one of the victims. He had faced severe criticism from Celsius Community as people declared his proposal as an attempt at n hostile takeover.
The chances of recovery from Celsius are getting weak, especially after the resignation of its CEO Alex Mashinsky.
