Celsius Network is a bankrupt crypto lending platform that enables users to earn interest on deposited cryptocurrency.

Celsius Network is a financial services company specializing in cryptocurrency lending and borrowing services. The platform allowed its users to earn interest on their cryptocurrency holdings and obtain loans by using their crypto assets as collateral. It has provided users with significantly higher rates of returns on savings and deposits, along with more accessible and equitable loan requirements. The platform uses algorithmic calculations to determine automated rewards for each user, and it eliminates penalties and bank-style fees.

Celsius halted all withdrawals, swaps, and transfers on June 13th, 2022. In one month, Celsius filed for Chapter 11 bankruptcy, while its founder founder Alex Mashinsky was arrested in June 2023. The U.S. Department of Justice accused Alex Mashinsky of “orchestrating a scheme to defraud customers of Celsius through a series of false claims about the fundamental safety and security of the Celsius platform.”

CELCelsius

U.S. court will sentence former Celsius CEO Alex Mashinsky