The crypto market is almost infamous for its many crashes over the years, as the market has lost millions, if not billions with each subsequent crash. And one of the crashes that many investors still remember well was the Celsius Crypto Meltdown.
The Celsius crash still rings true today as one of the most sudden crashes that investors experienced, as accounts for various investors were frozen indefinitely as the company filed for bankruptcy. The crash alone was responsible for wiping off nearly $5 billion entirely off the market.
While some believe that this was the product of severe negligence, others are not looking to be so kind to the company. Instead, others are willing to believe that the entire exchange was a Ponzi scheme that was designed to get as much money out of people as they can.
A New Tool that Allows People to See the Highest Losses
Of course, the main reasons why Celsius is back in the news is not just to remember its failures as an exchange platform, but also because of various other new developments. These new developments are able to show other investors just how much some users lost when the company went belly up.
The brand new search tool had just been released over the weekend, and it is able to easily sift through all of the user names and legal names of the individuals who had money in the company. People who are higher on the leaderboard have naturally lost more money, and people at the bottom of the list have lost the least.
Losing as Much As $40 Million in a Single Day
Of course, it is important to understand that most individuals had been accumulating their crypto funds for years. However, some had managed to accumulate as much as $40 million, which was roughly the amount that the number one user had on the site when the service had to shut down.
On the other hand, following in a close second, this user has lost over $38 million and the third-highest loser saw their account of over $26 million get locked away. Of course, one of the worst things to happen to most people’s income, as they essentially saw their hard work over a set number of years eventually melt away.
Owing What is Owed
As of date, Celsius owes its users exactly $4.7 billion, but it simply does not have the means to pay them back yet. While the company has filed for bankruptcy, it did make it clear that it would certainly compensate investors for their very serious loss. But as of now, there have been no official reports of compensation.