Ten months after entering the cryptocurrency space, Caisse Depot et Placement du Québec (CDPQ) has already liquidated an investment of around $200 million in the Celsius network. The firm noted that his arrival was “very early in this very volatile sector”.
Posted at 11:00 am
“For us, considering all of this, we’re in a sector that’s in transition very quickly,” Charles Emond, president and chief executive officer of Quebec Wool Sock, noted on Wednesday. Presentation of half-yearly results.
Offering a mea culpa of sorts, he indicated that the company is evaluating its “legal options” without going into details, as Celsius Network is under the protection of bankruptcy law in the United States.
Faced with a liquidity crisis, the American cryptobank on June 12 froze withdrawals from its 1.7 million depositors. She appealed the bankruptcy law last week, which means depositors will lose big. When it filed for bankruptcy, it had a $1.9 billion hole in its finances, according to documents filed in New York courts.
Companies like Celsius pool deposits of cryptocurrencies like Bitcoin that offer loans and interest of more than 10%. These platforms are not regulated and depositors’ assets are not protected.
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