Celsius Network
Last changed 2026-10-27 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
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anchored·4D3Mje…2BTvSummary
Celsius Network was a centralized crypto lending and yield platform founded in 2017 by Alex Mashinsky, Daniel Leon and Hanoch 'Nuke' Goldstein, which attracted about 1.7 million users and more than $20 billion in assets at its peak by advertising yields of up to 18% (reported elsewhere as 18.6% APY) under the slogan 'Unbank Yourself.' On June 12, 2022 it froze all withdrawals, and on July 13, 2022 it filed for Chapter 11 bankruptcy with a $1.2 billion balance sheet deficit and about $4.7 billion owed to customers. Mashinsky was arrested in July 2023, pleaded guilty to commodities fraud and CEL token price manipulation in December 2024, and was sentenced to 12 years in federal prison on May 8, 2025; Celsius emerged from bankruptcy in January 2024 and began distributing over $3 billion to creditors.
Connected Entities
12 entities · 60 linked investigations- Alex Mashinsky→member of→Celsius Network(95%)
- Daniel Leon→member of→Celsius Network(85%)
- Hanoch Goldstein→member of→Celsius Network(85%)
- Ethereum→mentioned with→Bitcoin(60%)
- Celsius Network→mentioned with→Bitcoin(70%)
- Celsius Network→mentioned with→Ethereum(60%)
- Voyager Digital→mentioned with→Bitcoin(70%)
- Voyager Digital→mentioned with→Celsius Network(75%)
- Voyager Digital→mentioned with→Ethereum(60%)
- Alex Mashinsky→mentioned with→Celsius Network(85%)
- + 21 more
Timeline(19 events)
2017
Celsius Network founded by Alex Mashinsky, Daniel Leon and Nuke Goldstein.
Celsius Network WikipediaMarch 2018
Celsius conducts an ICO of its CEL token, raising approximately $50 million.
Celsius Network WikipediaJune 2021
StakeHound discloses loss of private keys to staked ETH; Celsius loses at least 35,000 ETH (about $50M) but does not disclose this to customers.
October 2021
Celsius raises $750 million at a $3.25 billion valuation, with assets under management approaching $20 billion.
Celsius Network WikipediaDecember 2021
BadgerDAO hack; Celsius loses approximately $22 million and later forfeits restitution payments.
May 2022
Terra/Luna collapses; Celsius withdraws more than $535M from Anchor Protocol; weekly platform outflows begin exceeding inflows.
June 2022
Around June 10, 2022, blockchain analysts identify Celsius's large stETH exposure as stETH begins trading at a discount to ETH.
June 2022
On June 12, 2022, Celsius pauses all withdrawals, swaps and transfers between accounts, citing 'extreme market conditions' and trapping approximately $4.7 billion in customer funds.
Celsius Network on X (Twitter)June 2022
Around June 15, 2022, Three Arrows Capital fails to meet margin calls; crypto lending contagion accelerates.
July 2022
Celsius lays off approximately 150 employees (roughly 25% of its workforce).
July 2022
On July 13, 2022, Celsius files for Chapter 11 bankruptcy in the Southern District of New York; filings show a $1.2 billion deficit and $5.5 billion in total liabilities.
Vermont DFR Consumer AlertMay 2023
Court-supervised auction selects the Fahrenheit LLC consortium as the winning bidder for Celsius's assets.
Celsius Emerges from Chapter 11 - Business WireJuly 2023
On July 13, 2023, Alex Mashinsky is arrested and charged with seven counts including securities fraud, commodities fraud, wire fraud and CEL token manipulation; the FTC, SEC and CFTC file civil actions the same day and Celsius agrees to a $4.7 billion FTC settlement judgment.
DOJ SDNY Press ReleaseNovember 2023
On November 9, 2023, the bankruptcy court confirms Celsius's reorganization plan, approved by approximately 98% of voting account holders.
White & Case Press ReleaseJanuary 2024
On January 31, 2024, Celsius emerges from Chapter 11 and begins distributing over $3 billion in cryptocurrency and fiat to creditors; Ionic Digital Inc. shares are distributed to eligible creditors.
Celsius Emerges from Chapter 11 - Business WireAugust 2024
Bloomberg reports (August 27, 2024) that some Celsius creditors are exploring liquidation of Ionic Digital, which has not completed a public listing.
BloombergDecember 2024
On December 3, 2024, Alex Mashinsky pleads guilty to commodities fraud and a scheme to manipulate the CEL token price, agreeing to forfeit $48 million.
CoinDeskMay 2025
On May 8, 2025, U.S. District Judge John Koeltl sentences Mashinsky to 12 years in federal prison, three years of supervised release and a $48.4 million forfeiture.
CNBCDecision Log
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- slot 462182396 · hash 8R41hBgyC2343M6a4dpUKnVNCPX37nBYL1dcnQw5auSg
- slot 423161874 · hash 7u9hXF7xM1dM9M4FGRXvGv4XHVpnVGzeYQ6VC3M5Dhch
- slot 419597234 · hash 2sGYtRAnnvRndJneTAR96anBmr5wYu2V4GmJ3crWSkuw
- slot 419597232 · hash BeCGfYcg7RgXqFU7J8dn6avKAMiSsNBXY2azZjdqUBFh
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 52 of 62 cited source URLs have an Internet Archive snapshot.
model: claude-code-merge-writer
generated: 5/8/2026, 2:31:07 AM
last updated: 10/27/2026, 7:04:39 PM
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