The judge managing the bankruptcy case of cryptocurrency lender firm Celsius has ruled the assets in the accounts of Celsius customers don't actually belong to those customers. They belong to Celsius. Why? Because those are the exact terms and conditions the customers accepted online when they created their accounts and deposited their money, which has now become "other people's money." The decision is gigantic -- over $4.2 billion dollars are involved in the customer accounts.

Again, the writing SHOULD have been on the wall for these "customers." A lending institution that figured out how to return you 20% interest? That means THEY have to be earning MORE than 20% from THEIR borrowers to be making money. In an economy where 2-5 percent interest rates are the norm and inflation is 6-8 percent.

Just another reminder that if you want to be all "stick it to the man" and anti-regulation about the economy and your finances, you better spend some serious time reading the fine print before clicking Accept and you better have a damn good idea of the other "man" that you're dealing with. Believe it or not, there are a lot of people out there who are worse than your traditional central banker.


WTH