Crypto Reddit mobilises after being pummelled by bankruptcies

The ‘Celsius Custody Accts’ group amassed more than 950 members on Telegram since being promoted on Reddit. — Photo by Brett Jordan on Unsplash

A few months ago, Celsius Network LLC’s nearly 47,000-strong Reddit group was filled with talk about how much everyone was earning by lending their coins through the platform. After the company filed for bankruptcy, members began using the forum, among others, to fight for the return of their funds.

Reddit, Telegram and Twitter helped drive the meme-stock craze, and now users on the sites are channelling that same energy into campaigning courtside on several crypto bankruptcy cases, including Celsius and Voyager Digital Ltd. They are tapping into the huge social media communities that already exist for both platforms, urging users to write letters to the judge overseeing Celsius’s case, pooling funds for legal representation as well as sharing news and advice.