Consumer complaint received 2022-11-07
Company: Celsius US Holding LLC
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Money was not available when promised

Complaint:
XXXX XXXX. XXXX XXXX XXXX  ) XXXX XXXX XXXX XXXX XXXX : My name is XXXX XXXX XXXX and I have about XXXX XXXX  XXXX  trapped on the Celsius Network website since XX/XX/2022, when the same company decided to suspend withdrawals without any warning. The same company on XX/XX/2022 declared bankruptcy appealing to XXXX XXXXXXXX of the American constitution. 
I dispute the claims made by the company Celsius Network and its XXXX XXXX XXXX XXXX regarding the reasons for the suspension of withdrawals by customers for a drastic " market downturn ''. 
This statement is a pure mention given by the fact that Celsius Network has always claimed to be a company that offered secured loans to financed clients, thanks to other depositing clients and that in return received part of the required interest in the form of an XXXX return on the collateralized amounts. in cryptocurrencies. This has always been said, posted in forums and on the website, and claimed to all Celsius Network customers. However, these claims and publications were not an accurate description of what Celsius was actually doing. 
Conversely, Celsius Network, with XXXX XXXX XXXX at the helm, has adopted high-risk lending, staking and investing strategies in cryptocurrency ( known to be a highly volatile and extremely risky market ). These are the real causes that forced the Celsius company to suspend withdrawals from their platform and seek bankruptcy protection. 
This is not a case of market downturn, but of pure human greed, especially as regards XXXX XXXX XXXX himself. 
Many other companies have applied the same business model as Celsius, such as XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX as well as many others, all facing the same market downturn difficulties, but without suspending withdrawals. or ask for bankruptcy protection. They continued to operate and are still active today. 
The difference between these companies and Celsius Network has been the appropriate investment and risk mitigation strategies to protect client funds. In essence Celsius Network, under the leadership of XXXX XXXX XXXX, played with clients ' money without a coherent strategy making risky investments while always and repeatedly assuring all clients that their funds were safe and that the risk was minimal. or null. 

As a result of these deceptive practices by Celsius Network and its CEO XXXX XXXX, I have some requests for the Court : The removal of XXXX XXXX XXXX and the entire board of directors of Celsius Network itself immediately, based on the litany of lies they have told about the safety of the funds. These people are unwilling to protect their customers, only to avoid any potential criminal liability for fraud ; Absolute ban to operate in the Celsius Network company to XXXX XXXX XXXX himself, as well as to the whole board of directors who are the people who thought and created this fraud and consequently are the last people who should try to recover all the deposits of cryptocurrencies in our portfolios ; Analysis of all financial transactions and operations carried out in recent months and years by Celsius Network and its board of directors in order to discover and highlight the entire fraud and Ponzi scheme ; Likewise, you are requested to delete or disregard the Terms of Use and the information contained on the website in their entirety because they are inconceivable and incompatible with the true activities of Celsius Network and XXXX XXXX. The same have declared and published multiple lies and untruths and now they want to appeal to their own Terms of Use which are void precisely because they are in contrast with the real activity carried out. The Celsius Network Terms of Use are not truthful when compared with what Celsius Network and XXXX XXXX XXXX have always and repeatedly publicly declared, statements that have been found to be largely, if not entirely, false ; I request an investigation into how it is possible that a company such as Celsius Network can operate as a hedge fund even if it is not registered and without anyone being able to do anything. Celsius claimed it was " not a bank '', but in theory it operated as a bank and hedge fund, borrowing client money and assets and lending them to other users or institutions ; That all creditors ' repayment payments are made in the same form of investment and type of cryptocurrency  and not in fiat money ; That the SIg. XXXX XXXX and his entire management team are prosecuted for designing, creating and managing a PONZI scheme. XXXX XXXX We all thought that our funds and investments were safe because this is what we were always and repeatedly told by Celsius Network and XXXX XXXX XXXX, even a few days before withdrawals were suspended. 
Celsius claimed for years that it was solvent, even XXXX hours before they blocked withdrawals, XXXX XXXX XXXX ( CEO ) said, in a video, that there was no problem and that the company had all the funds to cover creditors. and detractors if there was a run on the company 's branches. 
Thank you for taking the time to read these notes and all the other letters I have read and which have been sent and included in the Court documents. 
Today XX/XX/2022 I received an email from Celsius, that is Important reminder for all users where it confirms its decision to pause withdrawals. 
I hope you can find the best possible solution for everyone who is hostage to Celsius Network. 

XXXX XXXX XXXX XXXX XXXX

Company response to consumer: Closed with explanation