October 11th, 2024
Celsius News
Explore news of the Celsius Network (CEL) to find out how it created a reputation in decentralized finance (DeFi) by committing to empowering its users. Until its demise, Celsius redefined how users engaged with their assets and offered several ways to earn interest in a decentralized manner, consistently lending cryptocurrencies to interested parties.
Celsius Creditors Explore Liquidation of Ionic Digital as It Faces Delays in Public Listing
By Temitope Olatunji
August 28th, 2024
Creditors of Ionic Digital, a crypto mining firm linked to Celsius, are considering liquidating the company due to delays in its public listing plans.
Celsius Network Distributes Over $2.5B to Two-Thirds of Creditors
By Godfrey Benjamin
August 27th, 2024
In a Monday court filing, the Celsius Network administrator clarified that “approximately 64,000 of these remaining creditors have a distribution of less than $100, and approximately 41,000 more have a distribution of between $100 and $1,000”.
Celsius Agrees to Liquidate Tokens and Rare NFTs in Settlement with KeyFi Founder
By Mayowa Adebajo
July 15th, 2024
This settlement marks the conclusion of a protracted legal battle between Celsius and Jason Stone.
Celsius Mining Assets Find New Life as Ionic Digital Gears Up for Takeover and IPO
By Temitope Olatunji
February 2nd, 2024
By acquiring all of Celsius mining equipment and infrastructure, Ionic Digital believes it can quickly reach its goal of total mining power of 12.7 exahash per second (EH/s) later this year.
Celsius Exits Bankruptcy, Begins $3B Repayment to Creditors
By Chimamanda U. Martha
February 1st, 2024
Celsius said it will initiate a controlled wind-down of operations by February 28, 2024. The crypto lender will discontinue its mobile and web applications.
Celsius CEO Requests to Drop Two Charges Linked to Fraud and Manipulation
By Bhushan Akolkar
January 16th, 2024
The court filing contends that the government’s handling of cryptocurrencies creates an inconsistency and contradiction between the second count of commodities fraud and the first count of securities fraud.
Celsius Network to Unstake Ethereum for Asset Distribution amid Restructuring
By Godfrey Benjamin
January 5th, 2024
Blockchain analytics firm Nansen reports that almost a third of the ETH in the pending withdrawal queue belongs to Celsius, totaling 206,300 ETH valued at approximately $468.5 million at current prices.
Bitcoin Miner Hut 8 Agrees to Build New Site for Celsius Creditors
By Chimamanda U. Martha
December 18th, 2023
The deal with Hut 8 comes after Celsius recently obtained approval from the bankruptcy court to transition into a Bitcoin mining entity that creditors will solely operate.
Celsius Network Allows Withdrawals for Qualified Custody Clients
By Babafemi Adebajo
November 30th, 2023
Celsius also advised customers to make use of its mobile app for the withdrawal, stating the app would only be available for a limited time.
Celsius Faces Heat from SEC in Its Bankruptcy Revival Plan
By Bhushan Akolkar
November 21st, 2023
Celsius Network has received court approval to transform itself into a Bitcoin mining company, owned by its creditors, as part of a comprehensive strategy to repay account holders whose funds have been inaccessible for over a year.
Celsius (CEL) made noteworthy strides in the cryptocurrency space and became a strong player in the decentralized finance (DeFi) ecosystem. It offered users the opportunity to earn interest on their digital assets, creating a more engaging and rewarding financial experience for the average person. The yields were generated through several sources, including investments, retail lending, exchange trading, and institutional lending.
Celsius offered DeFi perks by letting users take loans supported by crypto assets, in addition to participants earning on their coins. Users could lend their cryptocurrencies to others, creating a decentralized platform that gave participants a sense of collaboration within the ecosystem. Furthermore, the platform had a robust referral program that encouraged existing users to bring new members, strengthening the platform’s community.
Celsius used its CEL token to facilitate transactions. For instance, token holders could get better interest rates, which could improve depending on the number of tokens held. The platform also ran a loyalty program that provided rewards and several benefits relative to the overall portfolio of each user.
Now, the Celsius platform is defunct. Celsius had indefinitely suspended withdrawals and transfers in June 2022, which caused market prices to plunge significantly. On July 13, 2022, the Celsius Network eventually filed for Chapter 11 bankruptcy and exited the procedure on January 31, 2024. As of August 2024, Celsius Network had distributed more than $2.5 billion to about 251,000 creditors.
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FAQ on Celsius News
Who founded Celsius Network?
Alex Mashinsky, Daniel Leon, and Nuke Goldstein founded Celsius Network in 2017. Mashinsky served as the company’s chief executive officer (CEO) until he resigned on September 27, 2022, more than 2 months after the platform filed for bankruptcy.
What was Celsius Network used for?
Celsius Network was a crypto lending and borrowing company that allowed users to deposit crypto assets to earn interest or borrow against their deposits.
Why did Celsius Network shut down?
Celsius Network filed for bankruptcy in 2022 after it faced liquidity issues and extreme market price volatility. The company could no longer honor its obligations and indefinitely paused withdrawals before eventually filing for Chapter 11 bankruptcy.
Will Celsius users get their money back?
In February 2024, Celsius Network exited bankruptcy and began to return more than $3 billion to creditors. Within its recovery distribution plan, Celsius customers with deposits in the company’s interest-bearing accounts could expect to get back 72% of their funds.
