I have a few friends with accounts locked up with Celsius. Small balances, which eases the pain. But even with bankruptcy, recouping your money looks to be low probability.
Celsius’ terms of use state that any funds deposited with the firm “may not be recoverable” in the event of bankruptcy. The firm filed for Chapter 11 protection last week, revealing a $1.2 billion hole in its balance sheet and owing users around $4.7 billion.
Voyager us showing a tiny bit more light, but probably still low likelihood you get anywhere near what you had back.
Voyager says its customers’ dollars are kept in an FDIC-insured account at Metropolitan Commercial Bank in New York — however, this claim was contested by legal experts and the bank itself. The FDIC only offers protection of funds in the event of a bank’s failure, not a crypto exchange.
For its part, Voyager says it’s working through a “reconciliation and fraud prevention process” with its banking partner, after which users will be able to regain access to their cash.
Voyager also laid out a plan to reimburse users with crypto in their accounts, Voyager shares and the company’s own token, as well as any debt recovered from Three Arrows Capital.