Celsius Network has served as a bank in the crypto world. Clients can deposit their crypto assets there and earn an annual return of close to 19%. They can also obtain crypto or cash loans by placing their crypto assets with a percentage score as collateral.
Caisse de Depot et placement du Québec (CDPQ) announced its participation in a $400 million funding round with Celsius last October. A Radio Canada investigation determined Caisse’s participation was $150 million.
Celsius suddenly froze withdrawals from its platform on June 12. Since that date, customers can no longer withdraw their crypto assets from the platform. On June 13, Celsius announced that she was filing for bankruptcy protection in New York State.
Letters to Judge Glenn come from all over the world, from Finland, through India, Australia, Belgium and South Korea. Radio-Canada was unable to find testimonials from Canadian customers, but some customers did not specify where they live.
These clients today think they have lost everything and are asking the judge to allow them to get their money back.
ans et suis travailleuse dans le domaine de la santé. Je n’ai pas beaucoup d’économies comparativement à d’autres, mais c’est un montant considérable pour moi et ma famille”,”text”:”J’ai 50ans et suis travailleuse dans le domaine de la santé. Je n’ai pas beaucoup d’économies comparativement à d’autres, mais c’est un montant considérable pour moi et ma famille”}}”>I am 50 years old and I work in the health field. I don’t have much savings compared to others, but it’s a great amount for me and my familyA woman who claims to have invested the equivalent of $19,000 in cryptocurrency writes in Celsius.
I’m frustrated, I can’t sleep, my husband doesn’t know what happened. Please do justice to usshe completes.
A client living in India claims to have put about $14,000 in Crypto-assets using Celsius.
$US par année”,”text”:”Ce montant est énorme pour un Indien. L’Indien moyen gagne 5000$US par année”}}”>This amount is huge for an Indian. An average Indian earns $5,000 a yearHe said.
You have been very tense and have a suicidal urge since the Celsius degree prevented withdrawals. I am the only breadwinner in my familycontinued.
An Australian client claims she put money with a Celsius degree while expecting a new baby.
I was planning to withdraw my percentage money to help pay for the birth and have an operation for my aunt at the end of June, but since then [Celsius] Withdrawals paused, I can no longer access my money and my life is miserable. I am concerned that the psychological stress of being in Celsius will affect my baby’s health.
In her letter to Judge Glenn, the client included a screenshot of an email she sent to Celsius Customer Service on June 15, asking the company to make an exception and allow it to withdraw its claims.money.
In an effort to impress the agent, she included an ultrasound picture of her baby.
Another American client, who invested the equivalent of $40,000 to $50,000 in cryptocurrency in Celsius, said that he learned that his funds had been frozen while he was in the gym.
I collapsed to the ground, my head in my hands, as I resisted my tears. I did my best to go to work and see my colleagues that day. It was impossible for me to focus on my work. It was like living a nightmare. However, it wasn’t anywhere near as bad as it was when I came home and had to face my family.he wrote.
In October 2021, Celsius CEO Alex Mashinsky claimed that the investment Caisse was involved in had given the company’s credibility a boost.
M$, c’est la crédibilité qui vient avec les gens qui ont signé les chèques”,”text”:”[Ce qui est important], ce n’est pas les 400M$, c’est la crédibilité qui vient avec les gens qui ont signé les chèques”}}”>[Ce qui est important]It’s not the $400 million, it’s the credibility that comes with people who signed checkssaid at the time.
A few months later, he said in a podcast that
due diligence [vérification préalable] de la CDPQ est ce à quoi d’autres gens se fient pour décider si Celsius est une compagnie à qui ils peuvent faire confiance”,”text”:”la due diligence [vérification préalable] de la CDPQ est ce à quoi d’autres gens se fient pour décider si Celsius est une compagnie à qui ils peuvent faire confiance”}}”>The due diligence [vérification préalable] From CDPQ is what others rely on to determine if Celsius is a company they can trust.
This is the case of a client who sent a letter to Judge Glenn, who claims to have put all his savings with Celsius after noticing the reputation of the company’s trading partners.
due diligence] investir des centaines de millions de dollars dans Celsius, j’ai commencé à mettre la plupart de mes cryptoactifs sur la plateforme”,”text”:”Quand j’ai vu des entreprises [qui ont des équipes affectées à la due diligence] investir des centaines de millions de dollars dans Celsius, j’ai commencé à mettre la plupart de mes cryptoactifs sur la plateforme”}}”>When I saw companies [qui ont des équipes affectées à la due diligence] With an investment of hundreds of millions of dollars in Celsius, I have started placing most of my crypto assets on the platformwrites before confessing
shyness To recommend the percentage to friends and family.
Caisse has been relatively silent about percentage setbacks since May. However, CDPQ’s head of media relations, Maxime Chagnon, sent a statement to Radio Canada on Wednesday morning.
The process in which the percentile is involved is complex and will take some time to unravel. As always, our first concern is to protect the interests of our depositors, Quebec. Our teams do their best to preserve our rights, while observing the ongoing legal process.Mr. Shagnon noted, acknowledging the fund’s investment
It raises several questions.
Some of our investments, such as investing in °C, do not produce the expected results.
Joined on Friday afternoon to comment on client testimony given in court this week, and Caisse did not respond to our requests.
Celsius did not answer our questions.