Celsius Network
Summary
Celsius Network was a centralized crypto lending platform founded in 2017 that attracted over 1.7 million users and $20 billion in assets under management by offering yields of up to 18% on deposited cryptocurrency. In June 2022 the platform froze all withdrawals, subsequently filed for Chapter 11 bankruptcy in July 2022, and exposed a $1.2 billion balance sheet deficit. Founder and CEO Alex Mashinsky was arrested in July 2023, pleaded guilty to commodities fraud and securities fraud in December 2024, and was sentenced to 12 years in federal prison in May 2025.
Connected Entities
1 entities · 1 linked investigation- + 2 more
Connected Through
1 shared actor · 1 investigationDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Celsius Networkorganizationalso inCelsius Network·0
Timeline(12 events)
2017-01-01
Celsius Network founded by Alex Mashinsky, Daniel Leon, and Nuke Goldstein.
Celsius Network Wikipedia2021-10-01
Celsius raises $750 million at a $3.25 billion valuation, with assets under management approaching $20 billion.
Celsius Network Wikipedia2022-06-12
Celsius announces it is pausing all withdrawals, swaps, and transfers between accounts, citing 'extreme market conditions.'
Celsius Network on X (Twitter)2022-07-13
Celsius Network files for Chapter 11 bankruptcy in the Southern District of New York; balance sheet shows a $1.2 billion deficit and $5.5 billion in total liabilities.
Vermont DFR Consumer Alert2023-05-01
Court-supervised auction selects Fahrenheit LLC as the winning bidder for Celsius's assets.
Celsius Emerges from Chapter 11 - Business Wire2023-07-13
Alex Mashinsky arrested by the DOJ and charged with seven counts including securities fraud, commodities fraud, wire fraud, and CEL token manipulation. FTC, SEC, and CFTC simultaneously file civil enforcement actions. Celsius agrees to a $4.7 billion FTC settlement judgment.
DOJ SDNY Press Release2023-11-09
U.S. Bankruptcy Court confirms Celsius's reorganization plan, approved by approximately 98% of voting account holders.
White & Case Press Release2024-01-31
Celsius formally emerges from Chapter 11 bankruptcy and commences distribution of over $3 billion in cryptocurrency and fiat to creditors. Ionic Digital Inc. shares distributed to eligible creditors.
Celsius Emerges from Chapter 11 - Business Wire2024-08-27
Bloomberg reports that some Celsius creditors are exploring liquidation of Ionic Digital, which has not yet completed a public listing.
Bloomberg2024-12-03
Alex Mashinsky pleads guilty to two fraud counts: commodities fraud and a scheme to manipulate the CEL token price.
CoinDesk2025-05-08
U.S. District Judge John Koeltl sentences Alex Mashinsky to 12 years in federal prison, with three years of supervised release and a $48.4 million forfeiture.
CNBCDecision Log
- hash: 7u9hXF7xM1dM9M4FGRXvGv4XHVpnVGzeYQ6VC3M5Dhch
- hash: 2sGYtRAnnvRndJneTAR96anBmr5wYu2V4GmJ3crWSkuw
- hash: BeCGfYcg7RgXqFU7J8dn6avKAMiSsNBXY2azZjdqUBFh
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/8/2026, 2:31:07 AM
last updated: 5/30/2026, 1:03:56 PM
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