Celsius Network

<p>Celsius Network LLC was a <a href="/facts/Cryptocurrency/Rg6JAS8y">cryptocurrency</a> company. Headquartered in <a href="/facts/Hoboken%2c_New_Jersey/uP3H5rYU">Hoboken, New Jersey</a>, Celsius maintained offices in four countries and operated globally. Users could deposit a range of cryptocurrency <a href="/facts/Digital_asset/PmW2dpkn">digital assets</a>, including <a href="/facts/Bitcoin/UJvqfray">Bitcoin</a> and <a href="/facts/Ethereum/6RfpJ46R">Ethereum</a>, into a Celsius wallet to earn a percentage <a href="/facts/Yield_(finance)/aRohGR9L">yield</a>, and could take out loans by pledging their cryptocurrencies as <a href="/facts/Security_(finance)/lJRYHKgD">security</a>. As of May 2022, the company had lent out $8 billion to clients and had almost $12 billion in <a href="/facts/Assets_under_management/hwFsQ4vD">assets under management</a>.
</p><p>In June 2022, the company gained notoriety when it indefinitely paused all transfers and withdrawals due to "extreme market conditions", resulting in steep declines in the price of bitcoin and other cryptocurrencies. On July 13, 2022, Celsius filed for <a href="/facts/Chapter_11%2c_Title_11%2c_United_States_Code/PjdCBWfn">Chapter 11 bankruptcy</a>. The company announced on January 31, 2024, that it had exited bankruptcy as part of a restructuring plan that involved the distribution of assets, including a newly created <a href="/facts/Bitcoin_mining/B9gu2Y7N">bitcoin mining</a> company, to its creditors. Celsius intends to wind down its own operations as part of its emergence from bankruptcy. It shut down its mobile and web apps on February 29, 2024.
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Celsius Network