Skip to content

Canada's Business and Tech Newsroom

  • Professional Subscription
  • Partnerships & Advertising
  • Licensing & Syndication
Log In Subscribe
Welcome,
  • My Account
  • Log Out
  • Business
  • Tech
  • National
  • The Big Read
  • Briefings
  • Commentary
Search
Log In Subscribe
Welcome,
  • My Account
  • Log Out
News

‘Alex lied to us’: Celsius customers’ letters to bankruptcy judge reveal impact of crypto lender’s collapse

Letters to the federal judge handling the Celsius Network bankruptcy case offer the fullest picture to date of how ordinary investors all over the world have been burned by the U.S. cryptocurrency-lending startup’s stunning collapse. 

Celsius, which is backed by the Caisse de dépôt et placement du Québec, filed for bankruptcy on July 13, a month after it suspended withdrawals, preventing customers from accessing billions of dollars worth of crypto. At the time, the company said the Chapter 11 filing was the best way to stabilize the business and protect customers. Through the bankruptcy process, the court will determine how much of their assets customers will get back.

News

‘Alex lied to us’: Celsius customers’ letters to bankruptcy judge reveal impact of crypto lender’s collapse

By Jon Victor
Celsius CEO Alex Mashinsky in Paris in April 2022 Photo: Benjamin Girette for Bloomberg via Getty Images
Jul 22, 2022
A A
A Small A Medium A Large
Share

Share

Letters to the federal judge handling the Celsius Network bankruptcy case offer the fullest picture to date of how ordinary investors all over the world have been burned by the U.S. cryptocurrency-lending startup’s stunning collapse. 

Celsius, which is backed by the Caisse de dépôt et placement du Québec, filed for bankruptcy on July 13, a month after it suspended withdrawals, preventing customers from accessing billions of dollars worth of crypto. At the time, the company said the Chapter 11 filing was the best way to stabilize the business and protect customers. Through the bankruptcy process, the court will determine how much of their assets customers will get back.

Here are excerpts from five Celsius customers on how they say they’ve been impacted. 

  • Kevin Montford, U.S.: “My entire business is secured and backed by these funds. If they are not returned, my business would go bankrupt, my 15 employees would be let go, and 14 years of my life’s work lost and at the age of 49 years old, I would have to start over with nothing. The thought of losing this money has left me depressed, suicidal, and without words.”
  • Sean Moran, Ireland: “I’ve lost my farm here in Ireland, family are left homeless. I’m mentally unstable. Family are distraught with my decisions of trusting Celsius and promising them a better future.”
  • Andrew Jarrett, U.S.: “I joined Celsius Network earlier in the year and had deposited $15,000. Everything I had remaining for a purchase of a home for my two children and wife here in Southwest Florida. I trusted Celsius so explicitly due to [Celsius CEO] Alex Mashinsky constantly broadcasting what I thought were truths and axioms that the company and himself lived by. How clearly I was wrong.”
  • Stephen Richardson, U.S.: “I am embarrassed, ashamed, and disgusted by the utter lack of transparency from a company that claims to be an ‘open book’ and highly transparent compared to any and all banks. I currently have six figures worth of crypto locked in my Celsius account unable to be withdrawn, despite Alex’s claims mere hours before withdrawals were closed that nobody has any issue withdrawing from Celsius.”
  • Sainath Koppula, U.S.: “Alex lied to us every Friday saying company is in good standing and we don’t need to be concerned about the money we invested. I come from India to make American dream a reality and in the process, I worked hard and there are weeks that I worked for 84 hrs. a week just to make some savings, buy a home and build a life here. But all I get is disappointment.”
#CDPQ #Celsius Network #cryptocurrency

Sponsored Content

The real-world economic offshoots of sovereign AI

By Deborah Aarts
Illustration of a plane flying above a mailbox

Increasing healthcare access across Canada

By Deborah Aarts

What it takes to lead a frontier firm

By Deborah Aarts
Paid promotional content

Loading...

Thanks for sharing!

You have shared 5 articles this month and reached the maximum amount of shares available.

Close
This account has reached its share limit.

If you would like to purchase a sharing license please contact The Logic support at [email protected].

Close
Want to share this article?

Upgrade to all-access now

Close
Gift the full article!

You have gifted 0 article(s) this month and have 5 remaining.

Copy link and gift
Copy Link
Email to a friend
Send Email
Gift on Social Media

Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.

Photo: Benjamin Girette for Bloomberg via Getty Images

Most Popular This Week

A man walks across a large greenhouse with large glass ceilings. He is walking on a white path through rows of green lettuce growing on the ground.
News

Canadian businesses were bracing for a wave of retirees. Then along came AI

By Anita Balakrishnan
An image of a man wearing a dark suit jacket and tie. He is wearing a mic and looking slightly away from the camera.
News

Brookfield and Cohere execs among high-profile guests at CVCA summit

By Catherine McIntyre
In this photo illustration the Moneris logo is seen displayed on a smartphone.
News

U.S. private equity is buying Canada’s biggest payments processor. Some people are worried about sovereignty

By Claire Brownell
A silhouette of the Empire State Building against a blue sky.
News

Takeovers are shifting control of Canadian firms abroad, survey shows

By Catherine McIntyre

In-depth, agenda-setting reporting

Great journalism delivered straight to your inbox.

Commentary

Carmichael: Canada’s biggest companies aren’t wired for growth. That’s a problem for us all

By Kevin Carmichael

Briefing

Stellantis considering selling Ontario factory, union says

By Anita Balakrishnan   |   Aug 14, 2026

Intellectual property from failed New Brunswick nuclear developer sold to Ontario’s Nuclea Energy

By David Reevely   |   Aug 14, 2026

Drone maker Volatus reports revenue dip as it struggles with its supply chains

By David Reevely   |   Aug 14, 2026

Best business newsletter in Canada

Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.

Exclusive events

See the bigger picture with reporters and industry experts in subscriber-exclusive events.

Membership in The Logic Council

Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.

Recent Popular Stories

News

U.S. private equity is buying Canada’s biggest payments processor. Some people are worried about sovereignty

By Claire Brownell   |   Aug 12, 2026
In this photo illustration the Moneris logo is seen displayed on a smartphone.
News

Canada’s oil majors eye the next production boom

By Meghan Potkins   |   Aug 7, 2026
Storage tanks in the primary extraction plant at the Suncor Fort Hills facility in Fort McMurray Alta, on Monday September 10, 2018.
Analysis

These AI startups are making millions with tiny teams

By Catherine McIntyre   |   Aug 5, 2026
Shivam Mahajan and Zaaheda Islam pose in front of their company offices.
News

Brookfield and Cohere execs among high-profile guests at CVCA summit

By Catherine McIntyre   |   Aug 13, 2026
An image of a man wearing a dark suit jacket and tie. He is wearing a mic and looking slightly away from the camera.
News

Ottawa backs ArcelorMittal’s Quebec expansion with $125M

By Laura Osman   |   Aug 6, 2026
Four people stand in orange safety jackets and helmets stand in a factory, including Prime Minister Mark Carney, second right, speaking into microphone. They are in a plant with yellow scaffolding and a Canadian flag in the background.
Commentary

Carmichael: The rise of AI-powered solopreneurs could upend how the economy works

By Kevin Carmichael   |   Aug 8, 2026
Shopify president Harley Finkelstein smiling as he sits on stage at an event, his arms crossed. He holds a microphone in his hand and wears another microphone on a headset.

Canada's most influential executives and policymakers are reading The Logic

  • CPP Investments
  • Sun Life Financial
  • C100
  • Amazon
  • Telus
  • Mastercard
  • bdc
  • Shopify
  • Rogers
  • RBC
  • General Motors
  • MaRS
  • Government of Canada
  • Uber
  • Loblaw Companies Limited
logic-logo

Canada's Business and Tech Newsroom

100% human-crafted journalism

Newsroom

  • News Tips
  • AI Policy
  • Editorial Disclosures
  • Story Pitches

Company

  • About Us
  • Terms of Service
  • Privacy Statement
  • Corporate Information

Contact

  • Contact Us
  • Advertise
  • FAQs
  • Work at The Logic

© 2026 The Logic Inc. All Rights Reserved.

Trusted by leaders

Error

Account creation failed.

Please email us at [email protected].

Create Account

[wppb-register form_name=”cozmo-registration-form-for-modal”]

I do have an account
Login
or

[wppb-login]

I don’t have an account