Celsius

Celsius was once one of the biggest lenders, controlling over $20B. However, in July 2021, it froze user accounts citing ‘extreme market conditions.’ As it turned out, the embattled crypto lender made money by investing in high-risk assets to generate high returns. When Bitcoin (BTC) halved in value and altcoins took a major hit, Celsius’s unsustainable business model and risky practices brought it into today’s bankruptcy court. Uproar in the crypto community Celsius recently filed…

Image: Artemenko Valentyn (Shutterstock)The biggest monetary losers from crypto lender Celsius’ demise are on full public display.A new search tool released over the weekend appears to sift through a recently released database of Celsius customer data and pulls together a video game styleleaderboard showing how much money they’ve lost since the firm filed for bankruptcy. The top three names reportedly lost $40.5 million, $38.2 million, and $26.4 million respectively. Celsius currently owes roughly $4.7 billion to users…

Celsius founder and recently resigned CEO Alex Mashinsky as he appeared in a promotional video for Celsius uploaded to YouTube. The video was deleted after the company imploded.Screenshot: YouTubeThree executives at crypto trading platform Celsius cashed out at least $40 million in cryptocurrency shortly before the company halted withdrawals for all users earlier this year, according to a financial disclosure form filed in New York bankruptcy court late Wednesday. The withdrawals by Celsius executives, first reported by…

CoinDesk: Court filing: Celsius ex-CEO Alex Mashinsky, ex-CSO Daniel Leon, and CTO Nuke Goldstein withdrew ~$56M between May and June 2022 before the lender's bankruptcy — Ex-CEO Alex Mashinsky, ex-CSO Daniel Leon and CTO Nuke Goldstein pulled bitcoin, ether, USDC and CEL holdings from their custody accounts in May … CoinDesk: Court filing: Celsius ex-CEO Alex Mashinsky, ex-CSO Daniel Leon, and CTO Nuke Goldstein withdrew ~$56M between May and June 2022 before the lender's bankruptcy …

Kadhim Shubber / Financial Times: Sources: Celsius founder Alex Mashinsky withdrew $10M from the crypto lender weeks before freezing customer accounts; one source says $8M was used to pay taxes — Scrutiny of Alex Mashinsky grows after crypto lender was left with hole in balance sheet — Celsius Network founder Alex … Kadhim Shubber / Financial Times: Sources: Celsius founder Alex Mashinsky withdrew $10M from the crypto lender weeks before freezing customer accounts; one…

Bankrupt crypto lender Celsius Network , filed a request for sale of its stablecoin holdings, in a bid to generate liquidity to fund its operations. The New Jersey-based company intends to sell their current and any future stablecoins it may receive, as needed, to fund its Chapter 11 cases, according to a court document. The request was filed with the United States Bankruptcy Court Southern District Of New York and a hearing is scheduled on October 6 to discuss the proposed sale, the document showed. Celsius had filed…

The ongoing crypto winter has created quite a few “cold crypto” puns, but we hadn’t encountered any company actually saying they wanted to hit “absolute zero” until now.Image: Mike_O (Shutterstock)Kelvin, as a temperature scale, uses “absolute zero” as its baseline. That lowest conceived temperature would effectively stop all particle activity due to a lack of any semblance of energy. That point of temperature has never been achieved, but failed crypto firm Celsius seems to want to get as close as it can to “absolute…

Vermont regulators alleged that bankrupt crypto platform Celsius Network LLC, through its chief executive, Alex Mashinsky, made false and misleading claims to investors about the firm’s financial health even as it suffered huge losses. The court papers filed earlier this week cited an analysis by securities regulators from multiple states into Celsius’ preliminary internal financial records. The... Vermont regulators alleged that bankrupt crypto platform Celsius Network LLC, through its chief…

Alex Mashinsky, CEO of Celsius, once used interest rates as high as 18% in order to attract people to deposit their crypto on the platform.Photo: Kevin McGovern (Shutterstock)How many state regulators does it take to screw a bankrupt crypto trading platform? While one could probably do the job on its own, apparently there are 40 states and their financial regulatory agencies gunning after the defunct crypto lending platform Celsius. One of those agencies comes so very close to calling the platform what many other critics…

Celsius Network LLC sued a former investment manager, accusing him of losing or stealing tens of millions of dollars in assets before the crypto lender went bankrupt last month. In a complaint filed in Manhattan bankruptcy court, Celsius accused Jason Stone and his company KeyFi Inc of "gross negligence" and "extraordinarily inept" crypto investing, after Stone falsely portrayed himself as a pioneer in the field. Celsius said Stone proved "incapable" of deploying coins profitably, causing "many tens of millions of…