When it comes to coding, we are seeing a wide range of new elements that we have not seen before. We’re seeing many companies — from Celsius to Voyager Digital to Three Arrows Capital — filing for bankruptcy and taking drastic measures to protect themselves from incoming volatility and other market-based problems, and there’s a lot at stake.
Bankruptcy is becoming very common
Such situations really reduce space. People are now looking at cryptocurrencies in the same light, tarnishing their image due to what many traders and investors see as shady tactics being taken on behalf of keeping executives safe.
For example, the Celsius degree came under a lot of criticism several months ago when the company had ended all withdrawals indefinitely as a way to combat the extreme volatility faced by the market, so people would not have access to their money. Many individuals reacted with fear and anger, though apparently their cries and cries fell on deaf ears as Celsius subsequently entered bankruptcy proceedings.
Many investors considered this another bad turn since bankruptcy is meant to protect the company, not its customers, and Celsius can still be running for the time being without having to worry about what investors will do to get their money back. For example, they were prevented – while procedures were in progress – from having to cash out to clients, even though it now appears that the company spends very little every day.
All of these approaches are being taken by companies such as Voyager Digital. By going into bankruptcy, the company remains protected. Investors cannot seek legal means or other stringent measures to obtain their money. The rights of the company come first in the eyes of the supervisory court.
What is most disturbing in these situations is that the cryptocurrency was initially designed to help those who do used not from Submitted He. She. This clearly shows that the people or customers involved are not validated the way they probably should be. Their money is locked away, and while businesses shouldn’t be overlooked or left aside, customers shouldn’t be completely forgotten either.
People shouldn’t be treated this way
These current circumstances suggest that initial concepts of cryptocurrency are being put into trouble, and that issuers are gaining more legal respect than those likely to use their services.
If cryptocurrency is to stay ahead of the game, the space needs more resolute care towards individuals seeking to use it for legitimate means. Many Celsius clients, for example, claim that they have lost their life savings and other key parts of their portfolios through bankruptcy proceedings. Cryptocurrency claims to be for people, but it seems we have now reached an era where people are being ignored.
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