After crypto craze, Reddit mobilizes over shocking Celsius and Voyager Digital bankruptcies
A few months ago, Celsius Network LLC's nearly 47,000-strong Reddit group was filled with talk about how much everyone was earning by lending their coins through the platform. After the company filed for bankruptcy, members began using the forum, among others, to fight for the return of their funds.
Reddit, Telegram and Twitter helped drive the meme-stock craze, and now users on the sites are channeling that same energy into campaigning courtside on several crypto bankruptcy cases, including Celsius and Voyager Digital Ltd. They are tapping into the huge social media communities that already exist for both platforms, urging users to write letters to the judge overseeing Celsius's case, pooling funds for legal representation as well as sharing news and advice.
The ‘Celsius Custody Accts' group amassed more than 950 members on Telegram since being promoted on Reddit. Several dozen users have coughed up $1,500 or more to join the group's committee that is being represented by Togut, Segal & Segal LLP, according to messages on Telegram and one of the group's organizers, David Little. Others have contributed just a few dollars.
“It was kind of neat -- some of these guys were like, ‘I am skipping lunch today and putting $15 into GoFundMe instead,'” said Texas-based Little, who declined to say how much he had in a Celsius account. “It was kind of crazy for a group of strangers who just went through this huge process of losing their savings to say, ‘Let's band together.' Without this crowd funding approach, we wouldn't have been able to get legal representation.”
The group's GoFundMe campaign has raised $3,275 to date, mostly from small donors.
Pulling the group together was quite straightforward as Celsius had already put in the
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