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Celsius Bankruptcy

Crypto lending
March 30, 2023

Paxful to refund Earn account holders affected by Celsius’ bankruptcy

Paxful disclosed its plans to return the assets of Earn account holders whose funds were frozen following Celsius’ bankruptcy.
Crypto lending
March 22, 2023

Celsius approved to return 72.5% of assets to Custody account holders

Judge Martin Glenn ruled that Celsius’ Custody account holders can receive up to 72.5% of their crypto assets.
Crypto lending
March 21, 2023

Celsius’ litigation expenses exceed $144M

Celsius' legal and advisory expenses have reportedly exceeded the $144M mark.
Crypto lending
March 9, 2023

Celsius processes withdrawals worth $17.7M for custody account holders

Celsius interim CEO Chris Ferraro reported that eligible custody account holders withdrew $17.7M in crypto after the bankrupt lender reopened withdrawals on March 2.
Crypto lending
March 3, 2023

Celsius allows select Custody account holders to withdraw assets

Celsius has reopened withdrawals for select holders of Custody accounts. The news has received a mixed reaction from the crypto community as only a fraction of Celsius ‍users can withdraw their tokens.
Crypto lending
February 17, 2023

Celsius reportedly failed to record 7,000 intercompany transactions

A recent court filing claimed that Celsius failed to record 7,000 transactions between the bankrupt lender's affiliate firms.
Crypto regulation
February 16, 2023

Judge authorizes Celsius to sell Bitmain mining coupons worth $7.4M

Judge Martin Glenn has authorized Celsius to sell $7.4M worth of coupons for Bitmain, a crypto mining firm. The coupons, which cost Celsius $37M, provide a 10-30% discount on Bitmain’s mining rigs.
Crypto lending
February 15, 2023

Celsius debtors unveil NovaWulf-sponsored sale plan

Celsius’ debtors have released a sale plan that outlines their strategy to compensate the bankrupt crypto lender’s clients. The proposed sale plan will be sponsored by investment firm NovaWulf Digital Management.
Crypto lending
February 9, 2023

Celsius extension request denied by US trustee and creditors

The US trustee and Celsius creditors have denied Celsius an extension of its timeline to submit its Chapter 11 restructuring plan. One reason for the refusal is the increased cash burn.
Crypto lending
January 31, 2023

Independent Examiner’s Report Shows Celsius Was Running A Ponzi Scheme

An independent examiner report has revealed that Celsius used new customer funds to pay for withdrawals. Celsius operated a riskier business different from what it advertised to customers.
Opinion
January 25, 2023

What happened to the crypto lending industry in 2022?

The year 2022 was riddled with crypto platform crashes. This article takes a deep dive into what the future holds for crypto lending and how crypto staking can be an alternative form of investment in the meantime.
Crypto regulation
January 5, 2023

Judge Rules Celsius Owns Assets Held In Earn Accounts

Martin Glenn, the federal judge presiding over the Celsius bankruptcy case, ruled that the interest-bearing Earn accounts belong to Celsius.
Crypto Mining
January 4, 2023

Celsius Agrees To Let Core Scientific Shut Down 37K Mining Rigs

Core Scientific will shut down over 37,000 of Celsius’ crypto mining rigs after several months of dispute with the bankrupt lender.
Crypto lending
December 29, 2022

Celsius Seeks To Extend Deadline For Submitting Proof Of Claims

Celsius will file a motion to further extend the deadline for users to submit their claims until February.
Crypto lending
December 21, 2022

Celsius Attracts 30 Potential Bidders For Its Retail Platform And Mining Business

Celsius provided an update on its ongoing business processes and disclosed that it has received multiple bids for its assets ahead of its auction process.
Crypto lending
December 17, 2022

Celsius' Lawyers Seek $52.8M As Litigation Fees

Celsius' legal consultancy firms have filed motions with the Court to receive $52.8M from the bankrupt crypto lender. 
Crypto lending
December 8, 2022

Judge Orders Celsius To Return $50M Worth Of Crypto To Investors

Martin Glenn ordered Celsius to return clients' assets worth $50M at Wednesday's court hearing.
Crypto lending
December 6, 2022

Court Grants Celsius Extension To Submit Chapter 11 Reorganization Plan

Celsius has been granted an extension of its exclusivity period by the court. The company promises to utilize this period to develop plans for a stand-alone business and the benefits of its customers and stakeholders.
Custody
December 2, 2022

Galaxy Digital To Purchase Custody Platform GK8 From Celsius

Galaxy Digital secured the winning bid to buy GK8 from Celsius. The acquisition will allow GK8 to continue providing self-custody operations to financial firms.
Crypto lending
November 21, 2022

External Examiner Reports Shortfalls In Celsius’ Custody Program

Shoba Pillay, the external examiner in the Celsius bankruptcy case, reported that the lender's Custody program lacked proper “accounting and operational controls or technical infrastructure.”
Crypto lending
November 20, 2022

Court Approves January 3 As Deadline For Celsius Customers to File Claims

The court has approved January 3 as the bar date for all Celsius customers to file their claims. Stretto will send out a notice to all customers through emails, physical mail and notifications on the Celsius app.
Crypto lending
November 16, 2022

Nexo Reports Zero Exposure To Genesis

Nexo’s latest tweets revealed that the platform does not have any exposure to Genesis after the latter suspended its loan services.
Crypto exchanges
November 11, 2022

Sam Bankman-Fried Resigns As FTX Files For Bankruptcy Protection

The curtains have finally come down on the FTX liquidity crisis, with the exchange filing for bankruptcy in Delaware’s Federal Court and Sam Bankman-Fried stepping down as its CEO.
Crypto lending
November 10, 2022

Celsius Requests Extension For Submitting Restructuring Plan

Celsius filed motions requesting the Court to extend its exclusivity period for submitting a restructuring plan.
Crypto lending
November 2, 2022

Celsius Under Investigation Over Allegations Of Operating Like A Ponzi Scheme

Federal judge Martin Glenn expanded the scope of the investigation into Celsius’ bankruptcy proceedings. Next, Pillay will consult with the Celsius Creditors Committee to decide who will lead the probe into Celsius.
Crypto lending
November 2, 2022

Judge Rejects Celsius’ $3M Key Employee Retention Plan

Federal judge Martin Glenn disapproved Celsius’ plan to pay bonuses worth $3M to select employees.
Crypto lending
October 27, 2022

Alex Mashinsky Accused Of Falsely Claiming To Invest $18M In CEL’s ICO

Tiffany Fong’s latest set of Tweets alleged that Alex Mashinsky, Co-Founder and Ex-CEO of Celsius, falsely claimed to invest $18M in CEL's ICO.
Crypto lending
October 25, 2022

Celsius Gains Court Approval For Its Bidding Procedure

The Court approved Celsius' plan for the auction of its assets and mandated the appointment of a customer privacy ombudsman.
Crypto lending
October 21, 2022

Prime Trust Agrees To Return $17M To Celsius

Prime Trust has agreed to transfer $17M worth of crypto assets to Celsius.
Crypto lending
October 16, 2022

Celsius To Pay Over $3M As Legal Counsel Fees

Monthly fee statements from law firms revealed that Celsius owes them over $3M as litigation counsel expenses.
Crypto lending
October 12, 2022

Celsius Files Motion To Schedule Bar Date

Celsius requested the Court to set the deadline for its clients to submit their proof-of-claim forms on December 13.
Crypto lending
October 11, 2022

Celsius Creditors’ Details Leak In Bankruptcy Disclosure Proceedings

Celsius has filed its Schedules of Assets and Liabilities and Statements of Financial Affairs in line with the bankruptcy proceedings. This move has placed users at risk of fallouts and possible cyber threats.
Crypto lending
October 10, 2022

TrueFi Announces First Default on BUSD Loan by Blockwater Technologies

TrueFi has issued its first notice of default on the BUSD loan to Blockwater Technologies. The firm owes TrueFi over $3.4 million and has only been able to pay $645,000.
Crypto lending
October 7, 2022

Updates on Celsius

So much has been going on with embattled crypto lender Celsius. Here are some updates detailing the activities of its Top Execs and what the future holds for the lending platform.
Crypto lending
October 6, 2022

Celsius’s Top 3 Executives Withdrew $56M Before Company’s Bankruptcy

A new court record reveals that the top three executives of the now defunct crypto lending platform, Celsius, withdrew about $56.2 million before the company halted withdrawals and filed for bankruptcy.
Crypto lending
October 5, 2022

Celsius’ Chief Strategy Officer Steps Down

S. Daniel Leon, Celsius’ Co-Founder, resigned from his position as Chief Strategy Officer via an internal memo.
Crypto lending
October 3, 2022

FTX’s CEO Reveals How They Will Approach Celsius' Auction

Addressing Simon Dixon's Tweets, Sam Bankman-Fried disclosed how FTX would place bids on Celsius’ Assets.
Crypto lending
October 2, 2022

Alex Mashinsky Withdrew $10 Million Days Before Freezing Clients' Accounts

A Financial Times report revealed that Alex Mashinsky, former CEO of Celsius, withdrew $10 million shortly before freezing clients' funds in June. His representative claims the withdrawal was used for tax settlements.
Crypto lending
September 30, 2022

Celsius Submits Proposal For The Auction Of Its Retail Assets

Celsius filed a notice to auction its retail assets and exit Chapter 11 bankruptcy. According to sources, FTX has set its sights on acquiring Celsius' assets.
Crypto lending
September 30, 2022

Celsius Creditor Committee Objects To Equity Holders' Motion

The Unsecured Creditor Committee (UCC) is moving to counter the motion to set up another committee to represent equity holders.
Crypto regulation
September 30, 2022

State Regulators Object To Celsius' Plan Of Selling Stablecoin Holdings

The Texas and Vermont regulators raised concerns over Celsius' request to sell its $23M worth of stablecoin assets to generate liquidity for its operations.
Crypto regulation
September 29, 2022

Court Appoints Shoba Pillay To Examine Celsius’ Chapter 11 Bankruptcy Case

The U.S. Bankruptcy Court in the Southern District of New York has approved the appointment of a third-party examiner to look into Celsius’ finances.
Crypto lending
September 28, 2022

FTX Reportedly Seeks To Acquire Celsius’ Assets

According to sources, Sam Bankman-Fried, CEO of FTX, is considering bidding on crypto lender Celsius’ assets to bail the latter out of bankruptcy.
Crypto lending
September 27, 2022

Alex Mashinsky Steps Down As Celsius Network CEO

Alex Mashinsky, CEO of defunct crypto lender, Celsius Network, has submitted his resignation letter. He will be stepping down immediately as the CEO but will still maintain his direct position as the company's founder.
Crypto lending
September 27, 2022

Celsius CEO’s Wife Sells “Unbankrupt Yourself” T-shirt Referencing Company’s Slogan

An e-commerce site, usastrong.io, founded by the wife of Celsius CEO, Krissy Machinsky, now sells T-shirts branded “Unbankrupt Yourself.” This has raised reactions across social media as users think it is insensitive.
Crypto lending
September 16, 2022

Celsius Seeks Court Approval To Sell Its Stablecoin Holdings

Celsius Network filed a request to sell its stablecoin assets in order to acquire funds for its operations.

Latest News

Celsius reportedly failed to record 7,000 intercompany transactions

Crypto lending
February 17, 2023
A recent court filing claimed that Celsius failed to record 7,000 transactions between the bankrupt lender's affiliate firms.

Judge authorizes Celsius to sell Bitmain mining coupons worth $7.4M

Crypto regulation
February 16, 2023
Judge Martin Glenn has authorized Celsius to sell $7.4M worth of coupons for Bitmain, a crypto mining firm. The coupons, which cost Celsius $37M, provide a 10-30% discount on Bitmain’s mining rigs.

Celsius debtors unveil NovaWulf-sponsored sale plan

Crypto lending
February 15, 2023
Celsius’ debtors have released a sale plan that outlines their strategy to compensate the bankrupt crypto lender’s clients. The proposed sale plan will be sponsored by investment firm NovaWulf Digital Management.

Celsius extension request denied by US trustee and creditors

Crypto lending
February 9, 2023
The US trustee and Celsius creditors have denied Celsius an extension of its timeline to submit its Chapter 11 restructuring plan. One reason for the refusal is the increased cash burn.

Independent Examiner’s Report Shows Celsius Was Running A Ponzi Scheme

Crypto lending
January 31, 2023
An independent examiner report has revealed that Celsius used new customer funds to pay for withdrawals. Celsius operated a riskier business different from what it advertised to customers.

What happened to the crypto lending industry in 2022?

Opinion
January 25, 2023
The year 2022 was riddled with crypto platform crashes. This article takes a deep dive into what the future holds for crypto lending and how crypto staking can be an alternative form of investment in the meantime.

Judge Rules Celsius Owns Assets Held In Earn Accounts

Crypto regulation
January 5, 2023
Martin Glenn, the federal judge presiding over the Celsius bankruptcy case, ruled that the interest-bearing Earn accounts belong to Celsius.

Celsius Agrees To Let Core Scientific Shut Down 37K Mining Rigs

Crypto Mining
January 4, 2023
Core Scientific will shut down over 37,000 of Celsius’ crypto mining rigs after several months of dispute with the bankrupt lender.

Celsius Seeks To Extend Deadline For Submitting Proof Of Claims

Crypto lending
December 29, 2022
Celsius will file a motion to further extend the deadline for users to submit their claims until February.

Celsius Attracts 30 Potential Bidders For Its Retail Platform And Mining Business

Crypto lending
December 21, 2022
Celsius provided an update on its ongoing business processes and disclosed that it has received multiple bids for its assets ahead of its auction process.

Celsius' Lawyers Seek $52.8M As Litigation Fees

Crypto lending
December 17, 2022
Celsius' legal consultancy firms have filed motions with the Court to receive $52.8M from the bankrupt crypto lender. 

Judge Orders Celsius To Return $50M Worth Of Crypto To Investors

Crypto lending
December 8, 2022
Martin Glenn ordered Celsius to return clients' assets worth $50M at Wednesday's court hearing.

Court Grants Celsius Extension To Submit Chapter 11 Reorganization Plan

Crypto lending
December 6, 2022
Celsius has been granted an extension of its exclusivity period by the court. The company promises to utilize this period to develop plans for a stand-alone business and the benefits of its customers and stakeholders.

Galaxy Digital To Purchase Custody Platform GK8 From Celsius

Custody
December 2, 2022
Galaxy Digital secured the winning bid to buy GK8 from Celsius. The acquisition will allow GK8 to continue providing self-custody operations to financial firms.

External Examiner Reports Shortfalls In Celsius’ Custody Program

Crypto lending
November 21, 2022
Shoba Pillay, the external examiner in the Celsius bankruptcy case, reported that the lender's Custody program lacked proper “accounting and operational controls or technical infrastructure.”

Court Approves January 3 As Deadline For Celsius Customers to File Claims

Crypto lending
November 20, 2022
The court has approved January 3 as the bar date for all Celsius customers to file their claims. Stretto will send out a notice to all customers through emails, physical mail and notifications on the Celsius app.

Nexo Reports Zero Exposure To Genesis

Crypto lending
November 16, 2022
Nexo’s latest tweets revealed that the platform does not have any exposure to Genesis after the latter suspended its loan services.

Sam Bankman-Fried Resigns As FTX Files For Bankruptcy Protection

Crypto exchanges
November 11, 2022
The curtains have finally come down on the FTX liquidity crisis, with the exchange filing for bankruptcy in Delaware’s Federal Court and Sam Bankman-Fried stepping down as its CEO.

Celsius Requests Extension For Submitting Restructuring Plan

Crypto lending
November 10, 2022
Celsius filed motions requesting the Court to extend its exclusivity period for submitting a restructuring plan.

Celsius Under Investigation Over Allegations Of Operating Like A Ponzi Scheme

Crypto lending
November 2, 2022
Federal judge Martin Glenn expanded the scope of the investigation into Celsius’ bankruptcy proceedings. Next, Pillay will consult with the Celsius Creditors Committee to decide who will lead the probe into Celsius.

Judge Rejects Celsius’ $3M Key Employee Retention Plan

Crypto lending
November 2, 2022
Federal judge Martin Glenn disapproved Celsius’ plan to pay bonuses worth $3M to select employees.

Alex Mashinsky Accused Of Falsely Claiming To Invest $18M In CEL’s ICO

Crypto lending
October 27, 2022
Tiffany Fong’s latest set of Tweets alleged that Alex Mashinsky, Co-Founder and Ex-CEO of Celsius, falsely claimed to invest $18M in CEL's ICO.

Celsius Gains Court Approval For Its Bidding Procedure

Crypto lending
October 25, 2022
The Court approved Celsius' plan for the auction of its assets and mandated the appointment of a customer privacy ombudsman.

Prime Trust Agrees To Return $17M To Celsius

Crypto lending
October 21, 2022
Prime Trust has agreed to transfer $17M worth of crypto assets to Celsius.

Celsius To Pay Over $3M As Legal Counsel Fees

Crypto lending
October 16, 2022
Monthly fee statements from law firms revealed that Celsius owes them over $3M as litigation counsel expenses.

Celsius Files Motion To Schedule Bar Date

Crypto lending
October 12, 2022
Celsius requested the Court to set the deadline for its clients to submit their proof-of-claim forms on December 13.

Celsius Creditors’ Details Leak In Bankruptcy Disclosure Proceedings

Crypto lending
October 11, 2022
Celsius has filed its Schedules of Assets and Liabilities and Statements of Financial Affairs in line with the bankruptcy proceedings. This move has placed users at risk of fallouts and possible cyber threats.

TrueFi Announces First Default on BUSD Loan by Blockwater Technologies

Crypto lending
October 10, 2022
TrueFi has issued its first notice of default on the BUSD loan to Blockwater Technologies. The firm owes TrueFi over $3.4 million and has only been able to pay $645,000.

Updates on Celsius

Crypto lending
October 7, 2022
So much has been going on with embattled crypto lender Celsius. Here are some updates detailing the activities of its Top Execs and what the future holds for the lending platform.

Celsius’s Top 3 Executives Withdrew $56M Before Company’s Bankruptcy

Crypto lending
October 6, 2022
A new court record reveals that the top three executives of the now defunct crypto lending platform, Celsius, withdrew about $56.2 million before the company halted withdrawals and filed for bankruptcy.

Celsius’ Chief Strategy Officer Steps Down

Crypto lending
October 5, 2022
S. Daniel Leon, Celsius’ Co-Founder, resigned from his position as Chief Strategy Officer via an internal memo.

FTX’s CEO Reveals How They Will Approach Celsius' Auction

Crypto lending
October 3, 2022
Addressing Simon Dixon's Tweets, Sam Bankman-Fried disclosed how FTX would place bids on Celsius’ Assets.

Alex Mashinsky Withdrew $10 Million Days Before Freezing Clients' Accounts

Crypto lending
October 2, 2022
A Financial Times report revealed that Alex Mashinsky, former CEO of Celsius, withdrew $10 million shortly before freezing clients' funds in June. His representative claims the withdrawal was used for tax settlements.

Celsius Submits Proposal For The Auction Of Its Retail Assets

Crypto lending
September 30, 2022
Celsius filed a notice to auction its retail assets and exit Chapter 11 bankruptcy. According to sources, FTX has set its sights on acquiring Celsius' assets.

Celsius Creditor Committee Objects To Equity Holders' Motion

Crypto lending
September 30, 2022
The Unsecured Creditor Committee (UCC) is moving to counter the motion to set up another committee to represent equity holders.

State Regulators Object To Celsius' Plan Of Selling Stablecoin Holdings

Crypto regulation
September 30, 2022
The Texas and Vermont regulators raised concerns over Celsius' request to sell its $23M worth of stablecoin assets to generate liquidity for its operations.

Court Appoints Shoba Pillay To Examine Celsius’ Chapter 11 Bankruptcy Case

Crypto regulation
September 29, 2022
The U.S. Bankruptcy Court in the Southern District of New York has approved the appointment of a third-party examiner to look into Celsius’ finances.

FTX Reportedly Seeks To Acquire Celsius’ Assets

Crypto lending
September 28, 2022
According to sources, Sam Bankman-Fried, CEO of FTX, is considering bidding on crypto lender Celsius’ assets to bail the latter out of bankruptcy.

Alex Mashinsky Steps Down As Celsius Network CEO

Crypto lending
September 27, 2022
Alex Mashinsky, CEO of defunct crypto lender, Celsius Network, has submitted his resignation letter. He will be stepping down immediately as the CEO but will still maintain his direct position as the company's founder.

Celsius CEO’s Wife Sells “Unbankrupt Yourself” T-shirt Referencing Company’s Slogan

Crypto lending
September 27, 2022
An e-commerce site, usastrong.io, founded by the wife of Celsius CEO, Krissy Machinsky, now sells T-shirts branded “Unbankrupt Yourself.” This has raised reactions across social media as users think it is insensitive.

Celsius Seeks Court Approval To Sell Its Stablecoin Holdings

Crypto lending
September 16, 2022
Celsius Network filed a request to sell its stablecoin assets in order to acquire funds for its operations.
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