Celsius Network froze withdrawals, then went bankrupt
Reported: Celsius Network CEL (Company)
Compiled by ScamMarketCap from public recordsHappened Jul 13, 2022United States
- $4.7B
- Claimed by more than 100,000 creditors in bankruptcy
- 100K
- People on record
- 0
- Joined here
- 0
- Open to a lawyer
Celsius Network was a crypto lending platform that paid customers high "rewards" on deposits and told them their money was safe. In June 2022, as crypto prices fell, it froze all withdrawals. A month later it filed for bankruptcy, and more than 100,000 creditors claimed about $4.7 billion.
Founder and former CEO Alex Mashinsky pleaded guilty in December 2024 to securities fraud and commodities fraud, admitting his crimes caused losses of more than $550 million. In May 2025 he was sentenced to 12 years in prison and ordered to forfeit more than $48 million. Prosecutors said he had artificially propped up the price of Celsius's own CEL token while profiting from it.
Sources
This case file is compiled from public records and established reporting. Status as of the last update, Nov 1, 2026.
Case files summarize court records, regulator actions and established reporting.
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