Company:Celsius Network

From HandWiki
Short description: American cryptocurrency company
Celsius Network
TypePrivate
IndustryFinance, Cryptocurrency
Founded2017; 7 years ago (2017)
Founder
  • Alex Mashinsky
  • Daniel Leon
  • Nuke Goldstein
HeadquartersHoboken, New Jersey, U.S.
Key people
  • Alex Mashinky (Chairman, former CEO)
  • Nuke Goldstein (CTO)
  • Rod Bolger (former CFO)
  • Aslihan Denizkurdu (COO)
ProductsMobile app, website
Number of employees
~450 (July 2022)[1]
Websitecelsius.network

Celsius Network LLC is a bankrupt cryptocurrency lending company. Headquartered in Hoboken, New Jersey, Celsius maintains offices in four countries and operates globally. Users could deposit a range of cryptocurrency digital assets, including bitcoin and Ethereum, into a Celsius wallet to earn a percentage yield, and could take out loans by pledging their cryptocurrencies as security. As of May 2022, the company had lent out $8 billion to clients and had almost $12 billion in assets under management.[2]

In June 2022, the company gained notoriety when they indefinitely paused all transfers and withdrawals due to "extreme market conditions",[3] resulting in steep declines in the price of bitcoin and other cryptocurrencies.[4][5] On July 13, 2022, Celsius filed for Chapter 11 bankruptcy.[6]

Business model

The company facilitated lending and borrowing for its users.[7][8] Depositors earned interest by depositing qualifying cryptocurrencies, with the rate of interest dependent upon the cryptocurrency deposited (e.g., up to 6.2% interest on bitcoin).[9] The company paid the interest in cryptocurrencies, including in its own CEL token.[10] Borrowers paid between zero and 8.95% on bitcoin-backed loans, depending on the loan-to-value ratio.[9] Some of the money that Celsius used to fund the loans came from hedge funds that were looking for higher yields than banks pay.[9]

Celsius generated revenue from token sales, lending, bitcoin mining, and discretionary trading of cryptocurrencies.[10] Celsius claimed that up to 80% of its revenue was returned to its user community through interest payments on deposits made through its platform.[11][12] The company did not charge any fees to its users.[13]

On July 7, 2022, former investment manager Jason Stone sued Celsius, alleging that the company ran a Ponzi scheme.[14] On August 23, Celsius sued Stone, alleging that he lost or stole tens of millions of US dollars' worth of cryptocurrency.[15]

History

Celsius was founded in 2017 by Alex Mashinsky, Daniel Leon, and Nuke Goldstein.[13][16]

Growth

In March 2018, Celsius raised $50 million in its initial coin offering (ICO) of the CEL digital currency.[17][18] In April 2018, the CEL cryptocurrency began trading on cryptocurrency exchanges.[19] In advance of the ICO, Celsius listed its currency as a security.[13] In June 2018, Celsius launched its mobile app. In 2019, Celsius completed a $24 million equity round at $140 million valuation.[19]

In August 2020, Celsius raised $20 million via an equity crowdfunding to support its operations.[20] In the fall of 2020, the price of Celsius's currency climbed more than 230% in less than a month.[19]

In November 2020, Celsius said it had plans to open an office in Australia and to expand its office in Israel.[13]

In December 2020, Celsius had $3.31 billion in assets under management.[21] In January 2021, Celsius had more than $4.5 billion in assets.[22]

In October 2021, Celsius raised $400 million in new equity from investors.[10][23] The funding round was led by WestCap, the fund led by former Airbnb executive Laurence Tosi, and CDPQ, Canada's second largest pension fund.[10] The funding round valued Celsius at $3 billion.[10][24] At this time, Celsius's office in Israel employed 100 people.[25]

In November 2021, Celsius acquired the Israeli cybersecurity company GK8 for $115 million.[26][27]

Controversies and regulatory scrutiny

On April 16, 2021, Celsius confirmed that a security breach had occurred in its systems; a third-party server with customer data had been compromised, resulting in a portion of the company's customer list being exfiltrated and a phishing email being sent to Celsius customers.[28]

In September 2021, authorities in a number of US states said that Celsius's interest-bearing cryptocurrency accounts constitute an unregistered securities offering.[29][30] The attorney general of New Jersey ordered Celsius to stop issuing interest-bearing cryptocurrency products via a cease-and-desist order.[29] Texas state regulators filed a notice seeking a hearing in February 2022 to determine whether to take similar action. Kentucky's securities regulator told Celsius to cease and desist from offering its interest-paying accounts in the state.[31] Celsius CEO Alex Mashinsky said he was "very confident" that none of Celsius's products in the United States were securities.[29] Celsius said it was working with US states in order to provide clarity about its business operations.[29]

On October 18, 2021, Celsius received a request for more information from New York Attorney General, Letitia James.[32] Earlier that month, Celsius had US$400 million in new equity funding from investors.[33]

On November 26, 2021, Celsius announced that one of its senior employees was the focus of an Israeli police probe associated with prior employment activities; the employee was later suspended.[34]

Decline and bankruptcy

Celsius had been using the crypto custodian Prime Trust to store some customer assets since March 2020. This relationship ended in June 2021, when Prime Trust's risk team expressed concern about Celsius's strategy of "endlessly re-hypothecating assets ... lending the same assets over and over and over again to juice yields". Prime Trust founder Scott Purcell suggested that re-hypothecating "would be destined for failure as any sharp market movement in either direction would be catastrophic to such a ridiculously leveraged business model".[35] Celsius sued Prime Trust in August 2022, accusing the custodian of retaining $17 million worth of assets after the relationship ended.[36]

CNBC described Celsius as "one of the largest players in the crypto lending space" in the second quarter of 2022. The company had issued loans totaling more than $8 billion, and as of May, it had almost $12 billion in assets under management. In June 2022, Celsius said it had 1.7 million customers and that it offered yields as high as 17% per year.[37]

On June 7, in a blog post entitled "Damn the Torpedoes, Full Speed Ahead", Celsius addressed rumors that the company had lost client funds by making poor investments and that it was facing a liquidity crisis. The company dismissed these rumors as the actions of "vocal actors ... spreading misinformation". The blog post denied claims that Celsius sustained significant losses as a result of the collapse of Luna in the preceding month.[38][39]

On June 10, during his weekly "Ask Mashinsky Anything" session on YouTube, the CEO denied that Celsius was having problems with clients' access to their funds and he suggested that its critics were being paid by competitors. Mashinsky said on the live stream, "Celsius has billions in liquidity, right, and we provide immediate access to everybody".[40][41][42] Around this time, Mashinsky was questioning skeptical commenters on Twitter, accusing them of spreading fear, uncertainty, and doubt about Celsius.[43]

On June 13, the company paused all customer withdrawals "in order to stabilize liquidity and operations", citing "extreme market conditions".[44][45] After this announcement, the prices of bitcoin and Ethereum decreased by 12% and 14% respectively from the previous day. Celsius's own CEL token, which had been trading for almost $7 a year prior, was down by one-third after the withdrawal pause announcement, falling to $0.21.[4] The total market value of all cryptocurrencies fell to $983 billion, marking the first time since January 2021 that the cryptocurrency market was collectively worth less than $1 trillion.[46] The news also caused a 10% decline in the share price of Celsius Holdings, an unrelated beverage company, on June 13, due to investor confusion between the two companies' names. The beverage company's shares increased by about 5% the following day.[47]

Rod Bolger, who joined Celsius as CFO in January 2022, resigned on June 30. Celsius appointed Chris Ferraro, its head of financial planning, analysis, and investor relations, to succeed Bolger.[48] Celsius Network laid off 150 employees, a quarter of its workforce, in early July.[1]

Celsius filed for Chapter 11 bankruptcy on July 13, one month after pausing withdrawals.[6] A declaration filed the following day reported a $1.2 billion deficit in the company’s balance sheet. Mashinsky said that the company had "made what, in hindsight, proved to be certain poor asset deployment decisions".[49] According to the bankruptcy filing, the company had $167 million in cash on hand, which it said would provide "ample liquidity" to support its operations during its bankruptcy.[50] Of Celsius's $5.5 billion in total liabilities at the time of its bankruptcy filing, the company owed $4.7 billion to its users, who were listed as unsecured creditors.[51] Celsius's choice of Chapter 11 bankruptcy would prioritize repayments to secured creditors first, then unsecured creditors, then equity holders.[35]

Mashinsky resigned as Celsius CEO on September 27, 2022. Chris Ferraro, the former CFO of Celsius, was appointed to replace him as interim CEO.[52]

Aftermath

After Celsius filed for bankruptcy in July 2022, Molly White tweeted a list of excerpts from customer letters to the bankruptcy court judge. Among the stories were concerns about how Celsius had frozen their funds and statements about the company's negative impact on customers' lives.[53] On its bankruptcy website, the company said that it intends to offer two options to customers, "... to recover either cash at a discount or remain 'long' crypto."[54]

Six lawyers specializing in bankruptcies, restructuring, or cryptocurrency told Reuters that there was little precedent for bankruptcies at cryptocurrency companies. "This could last for years", said one attorney about Celsius's bankruptcy process.[55]

According to leaked audio purportedly from a September 1, 2022 Celsius all-hands meeting, the company had discussed a plan to release an IOU cryptocurrency. Nuke Goldstein, a cofounder of Celsius, said that the IOU tokens will represent the ratio between what Celsius owes its creditors and what assets the company has available.[56]

Reaction to collapse

Celsius's bankruptcy filing ascribed its $1.2 billion deficit to a modern version of a bank run, in which depositors, anxious about the security of their funds, try to withdraw their funds in great numbers.[49] One critic of Celsius told CBS News, "This was yet another bank run. You're not reinventing anything here. They were promoting their services as a better savings account but in the end you're just another unsecured lender."[46]

The sudden end to customer withdrawals and subsequent bankruptcy led some commentators to highlight the lack of deposit insurance in the cryptocurrency sector. Celsius's terms of use permitted the company to halt trading for its users. Without deposit insurance, no entity is obligated to compensate Celsius's users or to prioritize them more highly than its investors should the company enter liquidation.[46] Securities regulators in five U.S. states announced investigations into Celsius's withdrawal freeze within three days of the company's announcement.[57] Federal entities such as the Federal Deposit Insurance Corporation (FDIC) had considered extending deposit insurance to stablecoin investors, but no FDIC protections for crypto investors existed at the time of Celsius's withdrawal freeze.[58]

Celsius's collapse exemplified what one commentator called a "pervasive problem in the crypto industry, where financial services that claim to be decentralized ... are actually centralized entities, with the power to control the flow of crypto assets."[59] The bankruptcies of centralized cryptocurrency financial institutions like Celsius led some investors to lose trust in centralized storage and to move their funds onto hardware cryptocurrency wallets.[60]

References

  1. ↑ 1.0 1.1 Orbach, Meir (July 3, 2022). "Ailing crypto lender Celsius to lay off a quarter of its employees" (in en). Ctech (Calcalist). https://www.calcalistech.com/ctechnews/article/syvuxha99. 
  2. ↑ Kharpal, Arjun; Browne, Ryan (June 13, 2022). "Crypto lender Celsius pauses withdrawals due to 'extreme market conditions'" (in en). https://www.cnbc.com/2022/06/13/crypto-lender-celsius-pauses-withdrawals-bitcoin-slides.html. 
  3. ↑ "Crypto firm Celsius pauses all transfers, withdrawals as markets tumble" (in en-US). https://finance.yahoo.com/news/crypto-firm-celsius-pauses-transfers-032204607.html. 
  4. ↑ 4.0 4.1 Lawler, Richard (June 13, 2022). "Bitcoin price plummets below $25K following Celsius freeze". The Verge. https://www.theverge.com/2022/6/13/23165611/bitcoin-ethereum-crypto-price-drop-celsius. 
  5. ↑ Yaffe-Bellany, David (June 13, 2022). "Celsius Network Leads Crypto Markets into Another Free Fall" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2022/06/13/technology/bitcoin-ether-price.html. 
  6. ↑ 6.0 6.1 Gladstone, Alexander; Ge Huang, Vicky; Biswas, Soma (July 14, 2022). "Crypto Crash Drags Lender Celsius Network Into Bankruptcy". Wall Street Journal. https://www.wsj.com/articles/crypto-crash-drags-lender-celsius-network-into-bankruptcy-11657758483. 
  7. ↑ Vigna, Paul (January 7, 2021). "Bitcoin's Hot 2021 Continues With Move Above $40,000" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/bitcoins-hot-2021-continues-with-move-above-40-000-11610052727. 
  8. ↑ Wilson, Tom; Howcroft, Elizabeth (June 13, 2022). "Bitcoin slides after crypto lender Celsius Network freezes withdrawals" (in en). Reuters. https://www.reuters.com/technology/crypto-firm-celsius-pauses-all-transfers-withdrawals-between-accounts-2022-06-13/. 
  9. ↑ 9.0 9.1 9.2 Ensign, Rachel Louise (September 10, 2021). "Bitcoin to Bucks: Crypto Fans Borrow to Buy Homes, Cars—and More Crypto" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/crypto-fans-borrow-to-buy-homes-carsand-more-crypto-11631266200. 
  10. ↑ 10.0 10.1 10.2 10.3 10.4 Shubber, Kadhim; Oliver, Joshua (October 12, 2021). "Crypto lender Celsius Network raises $400m as regulatory pressure grows". Financial Times. https://www.ft.com/content/b47c9499-f4a6-46f4-991b-e8f7f20d49e2. 
  11. ↑ Katsiri, Roy (August 8, 2019). "צלזיוס מסירה מחסום בשימוש במטבע שלה להלוואות בארה"ב" (in Hebrew). Globes. https://www.globes.co.il/news/article.aspx?did=1001296525. 
  12. ↑ "This CEO says crypto doesn't need Elon Musk to trade higher" (in en-US). https://finance.yahoo.com/video/ceo-says-crypto-doesnt-elon-151510549.html. 
  13. ↑ 13.0 13.1 13.2 13.3 "Confident Celsius Network takes aim at the banks" (in en). Globes. April 11, 2020. https://en.globes.co.il/en/article-celsius-1001348245. 
  14. ↑ Kharpal, Arjun (July 8, 2022). "Embattled crypto lender Celsius is a 'fraud' and 'Ponzi scheme,' lawsuit alleges" (in en). CNBC. https://www.cnbc.com/2022/07/08/crypto-lender-celsius-is-a-fraud-and-ponzi-scheme-lawsuit-claims.html. 
  15. ↑ Stempel, Jonathan (2022-08-23). "Celsius crypto lender, now bankrupt, sues ex-money manager over alleged theft" (in en). Reuters. https://www.reuters.com/markets/us/celsius-crypto-lender-now-bankrupt-sues-ex-money-manager-over-alleged-theft-2022-08-23/. 
  16. ↑ Coffey, Lauren (May 10, 2021). "Exclusive: The co-founder of a crypto industry giant just moved to Tampa — and wants to open its next office here". https://www.bizjournals.com/tampabay/news/2021/05/10/celsius-crypto-co-founder-moves-to-tampa-bay.html. 
  17. ↑ Katsiri, Roy (January 9, 2019). "מכירת החיסול בביטקוין תיגמר, והוא יחזור למחירו האמיתי" (in Hebrew). Globes. https://www.globes.co.il/news/article.aspx?did=1001268210. 
  18. ↑ "TECH TALK: Meet Alex Mashinsky, everyone’s white knight" (in en-US). https://www.jpost.com/jpost-tech/tech-talk-meet-alex-mashinsky-everyones-white-knight-677441. 
  19. ↑ 19.0 19.1 19.2 Katsiri, Roy (April 11, 2020). "Confident Celsius Network takes aim at the banks" (in en). Globes. https://en.globes.co.il/en/article-celsius-1001348245. 
  20. ↑ Sozzi, Brian (December 17, 2020). "Will bitcoin price hit $500,000?" (in en-US). https://finance.yahoo.com/news/are-bitcoin-prices-headed-to-500000-191349207.html. 
  21. ↑ Hyde, Caroline; Bostick, Romaine; Weisenthal, Joe (December 9, 2020). "There Are Many 'On-Ramps' Now for Bitcoin: Celsius Network Founder". https://www.bloomberg.com/news/videos/2020-12-08/there-are-many-on-ramps-now-for-bitcoin-celsius-network-founder-video. 
  22. ↑ Vigna, Paul (January 7, 2021). "Bitcoin's Hot 2021 Continues With Move Above $40,000" (in en-US). Wall Street Journal. ISSN 0099-9660. https://www.wsj.com/articles/bitcoins-hot-2021-continues-with-move-above-40-000-11610052727. 
  23. ↑ Lee, Isabelle (October 12, 2021). "Crypto lender Celsius Network's valuation soars 2,400% in latest fundraising round" (in en). https://markets.businessinsider.com/news/currencies/celsius-network-valuation-cryptocurrency-lender-3-billion-400-milliion-westcap-2021-10. 
  24. ↑ Oliver, Joshua; Shubber, Kadhim (October 13, 2021). "Celsius investment shows ‘conviction’ in blockchain, says CDPQ". Financial Times. https://www.ft.com/content/30854926-f9ca-4352-b17e-7e464b6a3a3d. 
  25. ↑ Shulman, Sophie (October 25, 2021). "Is Celsius the bank of the future or just a $3 billion-pyramid scheme?". https://www.calcalistech.com/ctech/articles/0,7340,L-3920926,00.html. 
  26. ↑ Orbach, Meir (November 1, 2021). "Crypto powerhouse Celsius acquiring Israeli startup GK8 for $115 million". https://www.calcalistech.com/ctech/articles/0,7340,L-3921447,00.html. 
  27. ↑ Stub, Zev (November 5, 2021). "Tech Buzz: HoneyBook and Autobrains continue funding momentum" (in en-US). https://www.jpost.com/jpost-tech/tech-buzz-honeybook-and-autobrains-continue-funding-momentum-684016. 
  28. ↑ "Celsius Network Confirms Email System Breach & Phishing Attacks On Customers". April 16, 2021. https://cyberintelmag.com/attacks-data-breaches/celsius-network-confirms-email-system-breach-phishing-attacks-on-customers/. 
  29. ↑ 29.0 29.1 29.2 29.3 Oliver, Joshua; Murphy, Hannah (September 17, 2021). "US states clamp down on crypto yield products from Celsius Network". Financial Times. https://www.ft.com/content/de5d62e8-871e-465b-8ee1-35da08ec6379. 
  30. ↑ "States Act Against Celsius Network for Unregistered Products" (in en). Bloomberg.com. September 17, 2021. https://www.bloomberg.com/news/articles/2021-09-17/texas-moves-against-celsius-over-unregistered-securities. 
  31. ↑ "Crypto Lender Celsius Told to Stop Offering Accounts in Kentucky" (in en). Bloomberg.com. September 23, 2021. https://www.bloomberg.com/news/articles/2021-09-23/kentucky-hits-crypto-lender-celsius-with-cease-and-desist-order. 
  32. ↑ "Two Crypto-Lending Firms Ordered Shut by New York's James". October 18, 2021. https://www.bloomberg.com/news/articles/2021-10-18/two-unnamed-crypto-firms-ordered-shut-by-n-y-attorney-general. 
  33. ↑ "Crypto lender Celsius Network raises $400m as regulatory pressure grows". October 12, 2021. https://www.ft.com/content/b47c9499-f4a6-46f4-991b-e8f7f20d49e2. 
  34. ↑ Simona Weinglass (December 15, 2021). "Celsius suspends official under probe; 2nd staffer founded firm with money launderer". https://www.timesofisrael.com/celsius-suspends-official-under-probe-2nd-staffer-founded-firm-with-money-launderer/. 
  35. ↑ 35.0 35.1 Lennon, Hailey (August 1, 2022). "Bankrupt Crypto Lender Celsius Could Leave Customers Last In Line To Get Paid" (in en). Forbes. https://www.forbes.com/sites/haileylennon/2022/08/01/bankrupt-crypto-lender-celsius-could-leave-customers-last-in-line-to-get-paid/. 
  36. ↑ Kim, Crystal (2022-08-24). "Crypto lender Celsius files lawsuits in attempt to recover funds" (in en). https://www.axios.com/2022/08/24/celsius-network-lawsuits-recover-millions-bankruptcy. 
  37. ↑ Rooney, Kate; Tortorelli, Paige (July 13, 2022). "Embattled crypto lender Celsius files for bankruptcy protection" (in en). CNBC. https://www.cnbc.com/2022/07/13/embattled-crypto-lender-celsius-informs-state-regulators-that-its-filing-for-bankruptcy-imminently-source-says-.html. 
  38. ↑ Celsius (2022-06-10). "Damn the Torpedoes, Full Speed Ahead" (in en). https://blog.celsius.network/damn-the-torpedoes-full-speed-ahead-4123847832af. 
  39. ↑ Brodkin, Jon (July 14, 2022). "Crypto lender Celsius files for bankruptcy, still won’t let users withdraw funds" (in en-us). Ars Technica. https://arstechnica.com/tech-policy/2022/07/crypto-lender-celsius-files-for-bankruptcy-still-wont-let-users-withdraw-funds/. 
  40. ↑ (in en) Celsius AMA June 10 2022, https://www.youtube.com/watch?v=GyRO_W-utXs, retrieved 2022-07-14 
  41. ↑ Faux, Zeke (June 15, 2022). "The Crisis at Celsius Is Rocking DeFi and Crypto". Bloomberg BusinessWeek. https://www.bloomberg.com/news/articles/2022-06-15/celsius-withdrawal-freeze-is-crypto-s-latest-crisis. 
  42. ↑ Light, Joe (June 17, 2022). "‘Crypto Winter’ Could Become ‘Crypto Hell’". Barron's. https://www.barrons.com/articles/crypto-bank-runs-celsius-accounts-frozen-51655484673. 
  43. ↑ Singh, Manish (July 13, 2022). "Big crypto lender Celsius files for bankruptcy". TechCrunch. https://techcrunch.com/2022/07/13/celsius-one-of-cryptos-biggest-lenders-files-for-bankruptcy/. 
  44. ↑ Celsius (2022-06-13). "A Memo to the Celsius Community" (in en). https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6. 
  45. ↑ Wilson, Tom; Lang, Hannah; Howcroft, Elizabeth (June 14, 2022). "Crypto contagion fears spread after Celsius Network freezes withdrawals". https://www.reuters.com/technology/crypto-firm-celsius-pauses-all-transfers-withdrawals-between-accounts-2022-06-13/. 
  46. ↑ 46.0 46.1 46.2 Brooks, Khristopher L. (June 13, 2022). "Cryptocurrency prices plunge as major exchanges halt trading". CBS News. https://www.cbsnews.com/news/celsius-binance-bitcoin-trading-pause-cryptocurrency-prices/. 
  47. ↑ Katje, Chris (June 14, 2022). "Mistaken Identity? Drink Maker Celsius Falls 10% On Monday" (in English). Benzinga. https://www.benzinga.com/markets/cryptocurrency/22/06/27702672/mistaken-identity-drink-maker-celsius-falls-10-on-monday. 
  48. ↑ Sigalos, MacKenzie (August 2, 2022). "Bankrupt crypto lending platform Celsius is trying to hire its CFO back at $92,000 a month, filings say" (in en). CNBC. https://www.cnbc.com/2022/08/02/celsius-is-trying-to-hire-its-cfo-back-at-92000-a-month-filings-say.html. 
  49. ↑ 49.0 49.1 "Celsius Network: crypto firm reveals $1.2bn deficit in bankruptcy filing" (in en). 2022-07-15. https://www.theguardian.com/technology/2022/jul/15/celsius-network-crypto-firm-deficit-bankruptcy-funds. 
  50. ↑ Sigalos, MacKenzie (July 17, 2022). "From $25 billion to $167 million: How a major crypto lender collapsed and dragged many investors down with it" (in en). CNBC. https://www.cnbc.com/2022/07/17/how-the-fall-of-celsius-dragged-down-crypto-investors.html. 
  51. ↑ Biswas, Soma; Huang, Vicky Ge (July 15, 2022). "Celsius Owes Users More Than $4.7 Billion". Wall Street Journal. https://www.wsj.com/articles/celsius-owes-users-more-than-4-7-billion-11657841826. 
  52. ↑ Capoot, Ashley; Rooney, Kate; Tortorelli, Paige (September 27, 2022). "Celsius CEO resigns in the middle of bankruptcy proceedings" (in en). CNBC. https://www.cnbc.com/2022/09/27/celsius-ceo-resigns-in-the-middle-of-bankruptcy-proceedings.html. 
  53. ↑ Shugerman, Emily (22 July 2022). "She Sent Her Baby Ultrasound to Beg for Her Crypto Back" (in en). The Daily Beast. https://www.thedailybeast.com/she-sent-celsius-her-baby-ultrasound-and-still-couldnt-get-her-crypto-back. 
  54. ↑ Yue, Frances (July 25, 2022). "Celsius customers write pleas to bankruptcy court to get crypto back: 'This is an emergency situation, simply to keep a roof over my family and food on their table.'" (in EN-US). MarketWatch. https://www.marketwatch.com/story/celsius-customers-write-pleas-to-bankruptcy-court-to-get-crypto-back-this-is-an-emergency-situation-simply-to-keep-a-roof-over-my-family-and-food-on-their-table-11658784650. 
  55. ↑ Lang, Hannah; Howcroft, Elizabeth; Wilson, Tom (July 18, 2022). "ANALYSIS-Clients of crypto lender Celsius face long wait over fate of their funds". Reuters. https://www.nasdaq.com/articles/analysis-clients-of-crypto-lender-celsius-face-long-wait-over-fate-of-their-funds-0. 
  56. ↑ Tortorelli, Paige; Rooney, Kate (September 23, 2022). "Celsius has a Hail Mary bankruptcy plan: Turn its debt into a new cryptocurrency" (in en). CNBC. https://www.cnbc.com/2022/09/23/celsius-has-a-hail-mary-bankruptcy-plan-turn-its-debt-into-a-new-cryptocurrency-.html. 
  57. ↑ Lang, Hannah (June 16, 2022). "EXCLUSIVE State securities regulators investigating Celsius accounts freeze" (in en). Reuters. https://www.reuters.com/markets/us/exclusive-texas-securities-regulator-is-probing-celsius-account-freeze-official-2022-06-16/?taid=62ab98a665730a00012e0ee3. 
  58. ↑ Heilweil, Rebecca (June 17, 2022). "The nebulous state of crypto insurance" (in en). Vox. https://www.vox.com/recode/23171782/crypto-terra-ust-celsius-meltdown-crash-insurance. 
  59. ↑ Pires, Francisco (July 14, 2022). "Celsius Blockchain DeFi Lender Files for Bankruptcy" (in en). Tom's Hardware. https://www.tomshardware.com/news/celsius-blockchain-defi-lender-files-for-bankruptcy. 
  60. ↑ Yue, Frances (July 14, 2022). "‘I just wake up and cry': Voyager and Celsius bankruptcies have destroyed some crypto investors’ confidence in centralized platforms" (in EN-US). MarketWatch. https://www.marketwatch.com/story/i-just-wake-up-and-cry-voyager-and-celsius-bankruptcies-have-destroyed-some-crypto-investors-confidence-in-centralized-platforms-11657803496?mod=frances-yue. 




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