Thread by @Bitboy_Crypto

Quick thread on @CelsiusNetwork class action lawsuit developments for everyone. Obviously there are things I can't say, but I'll generally tell you where we stand.

Spoke with lawyers who assisted me in past and in on-going lawsuit (wouldn't you like to know lol)

As of now we are going through all the disclosures, documents, loan details, etc. and connecting with A+ class action attorneys to find best path forward.

I'm not sure if you guys are aware, but discovered today that "restructuring lawyers" as Celsius & @Mashinsky have retained

basically specialize in MOSTLY preparing companies for bankruptcy. The speculation from CT the last two days was that this was a move to prepare to be acquired... but most attorneys I spoke to said that's a much lower chance than bankruptcy.

Bankruptcy is nuclear option for Celsius because that would stop any class action against the platform immediately as anyone holding crypto there would be considered an "unsecured creditor" meaning you get moved to the bottom of the line where no money is left.

Here is article about restructuring lawyers: wsj.com/articles/crypt…

Keep reading 👇🏻

WSJ says,"Lawmakers have recently been turning their attention to what could happen if a cryptocurrency platform fails.A bipartisan duo of senators last week proposed a law that would aim to protect investors in the event that a crypto exchange files for bankruptcy...
(cont'd)👇🏻

... by ensuring that their digital assets would be held separate."

So lawmakers are actively trying to allow "Crypto Banks" like Celsius (functioned just like a bank but somehow more corrupt & negligent) to be held accountable for digital assets even if they file bankruptcy.

Only question is can the wheels of governmental progress turn quickly enough to keep Celsius from filing bankruptcy first?

This is a question of motivation. Will these clear breach & abuse of public trust be enough for lawmakers to want to punish Celsius by passing law NOW.

That's best and easiest path forward for Class Action Lawsuit. But even if Celsius does file bankruptcy, we have discovered some potential workarounds to still do a class action lawsuit (not effected by bankruptcy). Unfortunately I have to keep that one close to vest for now.

But we do have options. I do urge you though if you specifically have less than $25k in assets on Celsius then take them to small claims court immediately and you could potentially win before bankruptcy is filed. Check this post for more on that:

https://twitter.com/jbrowder1/status/1536907143592300545

We are not yet to the point of adding more Plaintiffs to the suit yet because we haven't officially began moving. Could honestly be a few weeks because we have to be SURE we choose best path forward. BUT...

I do appreciate all of the support and willing participants.

So many DMs. I may not have responded to yours, but I read every one of them and SO MANY HEARTBREAKING stories. I stand to lose 7 figures, but I still have plenty of figures. Not everyone is this lucky. Some people have everything on the line.

I've lost everything in crypto twice. One of those times an 8 figure mistake when I was living paycheck to paycheck. And then of course hodled all 2017 gains back to nothing. You learn lessons and become more valuable.

Just remember, your life is worth more than your portfolio. Like I always say, if I lost everything and just had my kids and my wife I would rebuild. And they would need me too.

#BitSquad & #Celsians WE WILL Rebuild.

Success doesn't happen overnight.I always let people know it took me 9 years to become a millionaire in crypto (mostly due to just not understanding Bitcoin/crypto in the early days) when there weren't great educational resources. Today you have an embarrassment of riches of info

And there is a chance (very small imo but non-zero chance) that we get a massive relief rally and somehow Celsius is able to recoup losses enough to begin giving people their money back... but even in this case, most likely people will be receiving "haircuts."

Meaning you would be receiving a portion of your money back which of course is better than nothing... and they may ask you to sign something first saying when you receive the money you lose your ability to litigate against them.

Final point before I go to the other massive thread I'm writing to address something that has long needed to be addressed...

Is that "Not Your Keys, Not Your Crypto" has never felt as relevant as it does now. Learn how to custody and for you and your family's sake...

SELF-CUSTODY AS MUCH AS YOU POSSIBLY CAN. We are pulling out of many exchanges. If this can happen at Celsius it theoretically can happen anywhere.

Only use exchanges when necessary for trading, on-boarding, and off-boarding.

There's a reason Coinbase has the same protection Celsius does about hypothetical bankruptcies.

While chances are low, Uncle Brian baked that language in for a reason.

The more I see in this space, the more I realize nothing is ironclad if it's a third party.

Also first line of thread is wrong. It wasn't quick. lol