Celsius Network company
Overview
Celsius Network was a centralized cryptocurrency lending and borrowing platform. It allowed users to earn interest on deposited crypto assets and obtain loans backed by collateral. The company filed for Chapter 11 bankruptcy in July 2022 and ceased its lending operations; it emerged from bankruptcy in January 2024 distributing assets to creditors, and founder Alex Mashinsky was sentenced to 12 years in prison in May 2025 for fraud and market manipulation.
Within the DeFi Intel graph, Celsius Network connects to 3 tracked entities, most strongly to GK8, United States, Celsius Network Bankruptcy.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 3 of 3 total).
| Relation | Connected entity | Confidence |
|---|---|---|
formerly_owned | GK8 | 90% |
headquartered_in | United States | 85% |
affected | Celsius Network Bankruptcy | 70% |
Frequently asked questions
What is Celsius Network?
Celsius Network was a centralized platform for earning interest on cryptocurrency deposits and taking out loans using crypto as collateral. It operated similarly to a bank but for digital assets.
Why did Celsius Network file for bankruptcy?
Celsius Network filed for Chapter 11 bankruptcy in July 2022 after suspending withdrawals, citing extreme market conditions and liquidity issues. The company faced a shortfall in assets relative to its liabilities.
What happened to customer funds after the bankruptcy?
Under its court-approved Chapter 11 plan, which took effect in January 2024, Celsius distributed cash and crypto to creditors and spun its bitcoin-mining assets into a new company, Ionic Digital. Recoveries varied by account type.
Was Celsius Network considered a decentralized platform?
No, Celsius Network was a centralized platform that controlled user funds and made lending decisions internally. This centralization contributed to its risks and eventual collapse.
What is Celsius Network connected to?
In the DeFi Intel knowledge graph, Celsius Network is linked to 3 other tracked entities, most strongly to GK8, United States, Celsius Network Bankruptcy.
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