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Fake currency, real victims


Ed Zitron reads some of the letters submitted to the judge in the crypto grift Citron’s bankruptcy filing. Here’s a representative example:

Currently I have my entire life savings & retirement invested in Celsius in the stable coin USDC in the amount of $205,001.66 I cannot begin to tell you the level of devastation and horror I felt when Celsius froze withdrawals.

Having my funds frozen has been devastating to me and my family both financially, mentally, and physically. I cannot sleep most nights and am over-whelmed with worry and dread for my family’s future. I have two small children. A 3-year-old daughter and a 2-year-old son. I am the sole bread winner for my family, and I pride myself on making smart financial and parental decisions for them to provide a better life and a bright/positive future.

Zitron comments:

It’s easy – and I am guilty of doing so – to have some levity when you read about people losing money on cryptocurrency. It’s easy to think that every person that lost is the same monster you’ve seen on Twitter – a now-rich goon that over-leveraged on monkey JPEGs, a millionaire that is now only a slightly less rich millionaire, and so on – a caricature of something you hate, symbolic of technological hubris that now suffers in a way that’s both satisfying and entertaining.

The reality is less comical, a well of sadness and despair created by a society with few opportunities for the average person to accumulate wealth. Alex Mashinsky and the people working at Celsius are scum, con-artists, and deserve nothing but suffering and pain for the outright lies they have told, the lives they’ve destroyed, and the lives they will destroy through their recklessness and utter, craven evil. Though it’s hard to measure exactly how widespread the damage is, I would gauge that Celsius has caused more widespread retail investor damage than Bernie Madoff, with $12 billion of assets locked up. As I’ve sadly predicted before, cryptocurrency has always resembled the subprime mortgage crisis. Mashinsky is just one of several Madoffs, a Hall of Fame piece of shit that deserves to be broken in two by the legal system and thrown in a room with no windows for the rest of his life.

If even a third of Celsius’ assets are retail investors, that is still $4 billion that has been extracted from regular people.

These are awful scam artists, and if you promote them to your trusting audience you were part of the con.

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