Celsius files for Chapter 11 bankruptcy protection in New York, declaring assets and liabilities between $1B and $10B, plus $167M in cash on hand for operations

- Crypto company Celsius has started the process of filing for Chapter 11 bankruptcy protection.

CNBC 2022-07-14

Discussion

@ben_mckenzie Ben McKenzie on x
And it's over. I hope people get some of their money back. What a disaster. https://www.cnbc.com/...
@aztecempire1520 @aztecempire1520 on x
Yet another crypto collapse. Which reminds me, imho #NFTs are a scam. I hate the entire concept. I've seen some great Aztec themed artwork on this site that I'd love to retweet, but because they're into this grift, I boycott it. #SorryNotSorry https://twitter.com/...
@celsiusnetwork Celsius on x
Please see our updated FAQ. https://blog.celsius.network/ ...
@kr00ney Kate Rooney on x
🚨Embattled crypto lender #Celsius informs state regulators that it's filing for bankruptcy ‘imminently.’ Comes a month after Celsius froze customer assets, marks the latest in a string of crypto bankruptcies. Scoop with the great @TortorelliPaige https://www.cnbc.com/...
@ibjiyongi @ibjiyongi on x
And the people who will suffer the most are the ones who couldn't afford to lose. The men who did this? Will probably be fine. https://twitter.com/...
@caseynewton Casey Newton on x
That's Chapter 51.8 in Fahrenheit https://twitter.com/...
@silvermanjacob Jacob Silverman on x
The unbanking is finally complete. https://www.cnbc.com/...
@wublockchain Wu Blockchain on x
Department of Financial Regulation in VERMONT has joined a multistate investigation of Celsius. It said that Celsius promised customers high interest rates (up to 17%) which is an unregistered securities and was operating largely without regulatory. https://dfr.vermont.gov/...
@dirtybubblemed3 @dirtybubblemed3 on x
According to internal documents, Celsius execs sold over $40 million $CEL back to the company in 2020-21. That's in addition to the ~$40 mil Mashinsky dumped directly onto the market! @Bitfinexed @SilvermanJacob @concodanomics @BennettTomlin https://www.ft.com/... https://twitter…
@eliotwb Eliot Brown on x
Great story on Celsius, and how its founders sold millions before the company crashed https://www.ft.com/...
@0x Ezra ‘God’ Olubi on x
it must have been frustrating being on the compliance team. https://www.ft.com/... https://twitter.com/...
@bitfinexed @bitfinexed on x
Spoiler: It was a fucking Ponzi scam. https://twitter.com/...
@richardbistrong Richard Bistrong on x
Quite the read by @kadhim and Joshua Oliver via @FT ↙️ Inside #Celsius: How one of #crypto's biggest lenders ground to a halt https://www.ft.com/... “Former employees & internal documents suggest a reckless pursuit of high returns.”
@kadhim @kadhim on x
Celsius bankruptcy filings confirms FT reporting that it had a fraction of the 1.7mm users that it claimed. The company is also claiming to be of the ‘most sophisticated’ crypto companies in the world, which is not exactly what we found: https://www.ft.com/... https://twitter.com…
@californiadfpi @californiadfpi on x
The DFPI has issued a consumer alert and is investigating companies offering crypto-interest accounts. Due to market volatility, some companies are preventing customers from withdrawing & transferring from accounts. We're taking this matter seriously. https://dfpi.ca.gov/... http…
@minuswells @minuswells on x
The Department believes #Celsius is deeply insolvent and lacks the assets and liquidity to honor its obligations to account holders and other creditors https://dfr.vermont.gov/... https://twitter.com/...

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Celsius files for Chapter 11 bankruptcy protection in New York, declaring assets and liabilities between $1B and $10B, plus $167M in cash on hand for operations

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