Cryptocurrency lender Celsius Network was advertising yields of 17 per cent right up to mid-June when it froze withdrawals and then filed for bankruptcy in New York one month later.
Marketing itself much like a bank but without the same regulations, it attracted a global customer base — including Australians — many of whom had their assets locked up as cryptocurrency prices collapsed and the company ran aground.
The plight of these retail investors was spotlighted in recent weeks by software engineer and frequent cryptocurrency critic Molly White, who began to tweet moving excerpts from hundreds of letters sent to the New York bankruptcy court and shared in court exhibits.
"The stereotype of people who are putting money into crypto is … young, technologically savvy men," Ms White told the ABC.
"And that did not seem to be the demographic in the letters.
"There were also a lot of people who were saying, 'this is my life savings, my pension, I worked 10, 20, 30 years to save this...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...