(CNBC) Alan Knitowski holds an MBA, has worked in technology and finance for over 25 years and is CEO of a mobile software company that trades on the Nasdaq. That didn’t prevent him from getting duped by a crypto firm. Knitowski borrowed $375,000 from crypto lender Celsius over several years and posted $1.5 million in bitcoin as collateral. He didn’t want to sell his bitcoin because he liked it as an investment and believed the price would go up. That was the Celsius model.
Celsius clients with collateral stuck on failed crypto platform turn to bankruptcy process for relief
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