Celsius Network bankruptcy event

Event · PageRank 0.0000

Also known as: Celsius Chapter 11

Overview

Celsius Network, one of the largest centralised crypto lending platforms, halted all customer withdrawals, swaps and transfers on June 12, 2022, and filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York on July 13, 2022. At filing the company reported roughly $5.5 billion in liabilities against about $4.3 billion in assets, affecting on the order of 600,000 accounts holding around $4.2 billion. Celsius had attracted deposits by advertising yields of up to about 17% on customer crypto, and its failure was one of the defining collapses of the 2022 crypto credit crisis.

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Frequently asked questions

When did Celsius file for bankruptcy?

Celsius and several affiliates filed voluntary Chapter 11 petitions on July 13, 2022, in the US Bankruptcy Court for the Southern District of New York, a month after freezing withdrawals on June 12, 2022.

How large was the shortfall?

At the time of filing Celsius reported approximately $5.5 billion in total liabilities against approximately $4.3 billion in assets.

How many customers were affected?

Roughly 600,000 accounts, holding assets valued at about $4.2 billion when the company filed, were caught in the bankruptcy.