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Celsius Network LLC was a cryptocurrency company. Headquartered in Hoboken, New Jersey, Celsius maintained offices in four countries and operated 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.
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For Amanda Gan, a Celsius customer, the company’s bankruptcy and the uncertainty surrounding her $167,000 in crypto assets has led to “significant distress,” according to her letter.
On July 13, 2022, one month after it paused customer withdrawals, Celsius filed for Chapter 11 bankruptcy. [37] Mashinsky said that "the Company made what, in hindsight, proved to be certain poor asset deployment decisions." [38] [39] Mashinsky resigned as Celsius CEO on September 27, 2022.