{"id":36697,"date":"2022-07-21T11:27:31","date_gmt":"2022-07-21T16:27:31","guid":{"rendered":"http:\/\/huewhite.com\/umb\/?p=36697"},"modified":"2022-07-21T11:27:31","modified_gmt":"2022-07-21T16:27:31","slug":"currency-always-has-costs-ctd-22","status":"publish","type":"post","link":"https:\/\/huewhite.com\/umb\/2022\/07\/21\/currency-always-has-costs-ctd-22\/","title":{"rendered":"Currency Always Has Costs, Ctd"},"content":{"rendered":"

For readers who remember the saga of cryptocurrency company Celsius<\/em><\/strong><\/a>, here’s an update:<\/p>\n

\"\"<\/a>The Israeli cryptocurrency company Celsius has filed for bankruptcy, becoming the latest casualty in the worldwide cryptocurrency crash.<\/p>\n

The New Jersey-based, Israeli-founded firm\u00a0filed for bankruptcy<\/a> in New York City [July 14]. Celsius said in a statement<\/a> that the decision will “provide the Company with the best opportunity to stabilize the business (and) consummate a comprehensive restructuring transaction that maximizes value for all stakeholders.\u201d<\/p>\n

Celsius filed for Chapter 11 bankruptcy, which allows firms to remain in operation while restricting their debt. …<\/p>\n

Writing for the Israeli business news outlet Globes,\u00a0Eti Aflalo said<\/a>\u00a0that Celsius used customer deposits to borrow for non-liquid investments, and that this became a problem when people wanted their money back during the recent crypto crash.<\/p>\n

“Celsius’ big problem is that it has leveraged customers’ deposits and put it in various non-liquid investments, and so a month ago when customers began demanding their money, in the equivalent of a ‘run on the bank’ there was not enough available capital to repay all their money,\u201d wrote Aflalo.\u00a0[AL-Monitor<\/strong><\/a>]<\/em><\/p><\/blockquote>\n

Yet …<\/p>\n

One employee of a cryptocurrency fund in Israel, who wished to remain anonymous, said that Celsius’ bankruptcy is not representative of the country’s crypto scene.<\/p>\n

“I don’t think it’s representative of how Israel is viewed as there are many quality crypto companies and pioneers of the space here,” he told Al-Monitor. “There is a level of respect in general for Israeli tech.”<\/p><\/blockquote>\n

First ripple of a tsunami, or just a standard result for any industry? Time will tell.<\/p>\n","protected":false},"excerpt":{"rendered":"

For readers who remember the saga of cryptocurrency company Celsius, here’s an update: The Israeli cryptocurrency company Celsius has filed for bankruptcy, becoming the latest casualty in the worldwide cryptocurrency crash. The New Jersey-based, Israeli-founded firm\u00a0filed for bankruptcy in New York City [July 14]. Celsius said in a statement that \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-36697","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/comments?post=36697"}],"version-history":[{"count":3,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36697\/revisions"}],"predecessor-version":[{"id":36701,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36697\/revisions\/36701"}],"wp:attachment":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/media?parent=36697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/categories?post=36697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/tags?post=36697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}