Although many people have jumped onto the cryptocurrency bandwagon, only a few actually understand how crypto works (and I’m using the term “works” very loosely).
My personal take from day one has been that crypto is the second grandest-scale hoodwinking in the history of humankind. A judge, Martin Glenn, in the legal case of crypto lender Celsius Network has redefined outrageous behavior by declaring that the monies deposited by investors in Celsius does not belong to the investors. Instead, it belongs to Celsius!
In terms that we can all understand, this means that for the 500,000 people who invested in Celsius, they simply gave their money to Celsius and will now get nothing in return!
Unfortunately, this ruling is based on the terms specified in the lengthy contract an investor signs when joining Celsius. Worse yet, it appears these same terms are used in many other contracts within the financial community. Which begs the question: When was the last time you took the time to fully review a contract of import that you were to sign?