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Others avoided volatile tokens, instead opting to keep their money in dollars or dollar-denominated stablecoins like USDC. They believed their Celsius account was essentially a (very) high yield savings account, and some even believed that it had the same types of protection — including FDIC depository insurance — as traditional banks. I am a retired Dutch citizen. Like many others i never thought of transferring all my pension savings as an investment (as Celsius seems to be calling it suddenly after filing for Chapter 11) but from one savings account to another… Also most of us — elderly; risk avoiding depositers — deposited in stable coins because at our age, one can’t speculate on highly volatile assets such as crypto currencies. Many of us — as we are not able to access our savings — can’t now pay for medium or bigger ‘calamities’ in our households, unless that is why we did set aside our savings for. Others didn’t make assumptions, but instead relied on Mashinsky’s own promises that the company held a $750 million insurance policy for its deposits, and that it didn’t engage in unsecured lending — both of which turned out to be lies. They believed Mashinsky when he said it was impossible for customers to lose their deposits. Much of my life’s savings are currently held hostage on the Celsius platform. Alex Mashinsky week after week promised the community that our funds were safe and not being used in any risky lending. Every week during his AMA’s he promised that Celsi