Celsius Platform Withdrawals Paused - Revision history

Azoundria: COMPLETE another 30 minutes. Integrated Reddit discusison into the article. Working on reviewing and rewriting different sections.

2024-02-13T22:41:22Z

COMPLETE another 30 minutes. Integrated Reddit discusison into the article. Working on reviewing and rewriting different sections.

← Older revision		Revision as of 16:41, 13 February 2024
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	Celsius offered an "Earn Rewards" program which allowed customers to set up accounts with fixed interest rates in crypto-assets. These assets were not backed on the platform, and instead would be provided to third parties who invested them in various ways. Customers received limited visibility into how their assets were being invested behind the scenes, and saw only the balance of their original assets plus interest earned.		Celsius offered an "Earn Rewards" program which allowed customers to set up accounts with fixed interest rates in crypto-assets. These assets were not backed on the platform, and instead would be provided to third parties who invested them in various ways. Customers received limited visibility into how their assets were being invested behind the scenes, and saw only the balance of their original assets plus interest earned.

	Celsius made clear on many occasions and prominently in marketing that they were not a bank. Many users would likely not have been aware of the lack of protections to their deposits implied by this ~~status~~.		Celsius made clear on many occasions and prominently in marketing that they were not a bank. Many users would likely not have been aware of the lack of protections to their deposits implied by this statement.

	=== No Legal Protections for Users ===		=== No Legal Protections for Users ===
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	== What Happened ==		== What Happened ==
	~~Ultimately on~~ June 12th, 2022, customers found that they could no longer withdraw their funds ~~rather suddenly~~ and the platform started down a bankruptcy route.		On June 12th, 2022, customers abruptly found that they could no longer withdraw their funds and the platform started down a bankruptcy route.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Key Event Timeline - Celsius Platform Withdrawals Paused		\|+Key Event Timeline - Celsius Platform Withdrawals Paused
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	\|According to the New York Times, Celsius is plotting a comeback<ref name="nytimes-9831" />. "The chief executive of the experimental crypto bank Celsius has told employees about an audacious plan to revive the firm, which filed for bankruptcy in July." CEO Alex Mashinsky and another executive outlined a plan to rebuild the company, focusing on custody services – storing users' cryptocurrencies and charging fees on certain transactions, a project codenamed "Kelvin."<ref name="nytimes-9831" /> The exact details of Celsius's revival plan are unclear, but it appears that the company may shift toward charging fees for custody and other services instead of its previous zero-fee approach<ref name="nytimes-9831" />. While Mr. Mashinsky compared the situation to corporate turnarounds of famous brands, employees expressed skepticism about the revival plan<ref name="nytimes-9831" />.		\|According to the New York Times, Celsius is plotting a comeback<ref name="nytimes-9831" />. "The chief executive of the experimental crypto bank Celsius has told employees about an audacious plan to revive the firm, which filed for bankruptcy in July." CEO Alex Mashinsky and another executive outlined a plan to rebuild the company, focusing on custody services – storing users' cryptocurrencies and charging fees on certain transactions, a project codenamed "Kelvin."<ref name="nytimes-9831" /> The exact details of Celsius's revival plan are unclear, but it appears that the company may shift toward charging fees for custody and other services instead of its previous zero-fee approach<ref name="nytimes-9831" />. While Mr. Mashinsky compared the situation to corporate turnarounds of famous brands, employees expressed skepticism about the revival plan<ref name="nytimes-9831" />.
	Many customers still have assets trapped on the platform, with Celsius reporting a debt of $4.7 billion in court<ref name="nytimes-9831" />. The fate of Celsius depends on federal bankruptcy judge Martin Glenn's approval of any proposal<ref name="nytimes-9831" />. The company is working with the Committee of Unsecured Creditors (U.C.C.) to develop a plan for restarting operations, although the committee reportedly has concerns about Mr. Mashinsky's involvement and the feasibility of the Kelvin proposal<ref name="nytimes-9831" />. Customers who have been trying to retrieve their crypto assets from Celsius have formed groups to strategize their actions, and the company is planning a "unique crypto solution" to compensate them<ref name="nytimes-9831" />. Celsius executives have described this as a "hero's journey" toward redemption, aiming for success despite previous setbacks<ref name="nytimes-9831" />.		Many customers still have assets trapped on the platform, with Celsius reporting a debt of $4.7 billion in court<ref name="nytimes-9831" />. The fate of Celsius depends on federal bankruptcy judge Martin Glenn's approval of any proposal<ref name="nytimes-9831" />. The company is working with the Committee of Unsecured Creditors (U.C.C.) to develop a plan for restarting operations, although the committee reportedly has concerns about Mr. Mashinsky's involvement and the feasibility of the Kelvin proposal<ref name="nytimes-9831" />. Customers who have been trying to retrieve their crypto assets from Celsius have formed groups to strategize their actions, and the company is planning a "unique crypto solution" to compensate them<ref name="nytimes-9831" />. Celsius executives have described this as a "hero's journey" toward redemption, aiming for success despite previous setbacks<ref name="nytimes-9831" />.
			\|-
			\|September 13th, 2022 1:16:31 PM MDT
			\|Reddit Pessimism
			\|A Reddit thread discusses Alex Mashinsky, CEO of Celsius, proposing a fee-based custody program as part of restructuring efforts, sparking criticism from users who accuse him of fraud and advocate for his imprisonment<ref name=":5">[https://old.reddit.com/r/CryptoCurrency/comments/xdfxla/alex_mashinsky_celsius_ceo_imagines_a_feebased/ Alex Mashinsky, Celsius CEO, Imagines ‘A Fee-Based Custody Program’ For Restructuring - Reddit] (Feb 13, 2024)</ref>. Many express distrust in Celsius following its loss of customer funds, likening Mashinsky's actions to those of a sociopath or narcissist. Some suggest that his proposals are akin to running a Ponzi scheme and express disbelief that anyone would trust him again. Overall, the sentiment towards Mashinsky and Celsius is overwhelmingly negative, with calls for accountability and restitution for affected users<ref name=":5">[https://old.reddit.com/r/CryptoCurrency/comments/xdfxla/alex_mashinsky_celsius_ceo_imagines_a_feebased/ Alex Mashinsky, Celsius CEO, Imagines ‘A Fee-Based Custody Program’ For Restructuring - Reddit] (Feb 13, 2024)</ref>.
	\|-		\|-
	\|October 2nd, 2022 2:06:44 PM MDT		\|October 2nd, 2022 2:06:44 PM MDT
	\|Jail He Should Be Reddit		\|Jail He Should Be Reddit
	\|The Reddit community is outraged by the withdrawal of funds prior to the bankruptcy<ref name="reddit-9134" />.		\|The Reddit community is outraged after learning about the withdrawal of funds prior to the bankruptcy<ref name="reddit-9134" />.
	\|-		\|-
	\|October 4th, 2022 12:30:33 PM MDT		\|October 4th, 2022 12:30:33 PM MDT
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	== Immediate Reactions ==		== Immediate Reactions ==
	Celsius Network halted withdrawals, swaps, and transfers between accounts, and cited "extreme market conditions."<ref name="coincunews-8458" /><ref name=":0" /> This move has sparked concerns and rumors of a potential default. The CEL token's price saw a 76% drop within seven days<ref name="coincunews-8458" />. Celsius, valued at around $3 billion, stated that the action aims to position their network better to meet its cash-out obligations over time<ref name=":0" />. The announcement comes amid a challenging period for the crypto market, with significant liquidations and leading assets like Bitcoin and Ethereum experiencing substantial declines<ref name="coincunews-8458" />. Celsius allows users to deposit Bitcoin, Ethereum, and Tether, earning interest payments, and has 1.7 million users<ref name=":0" />. The move has led to concerns among users in leveraged positions who urgently need access to their funds<ref name="coincunews-8458" />.		Celsius Network halted withdrawals, swaps, and transfers between accounts, and cited "extreme market conditions."<ref name="coincunews-8458" /><ref name=":0" /> This move has sparked concerns and rumors of a potential default. The CEL token's price saw a 76% drop within seven days<ref name="coincunews-8458" />. Celsius, valued at around $3 billion, stated that the action aims to position their network better to meet its cash-out obligations over time<ref name=":0" />. The announcement comes amid a challenging period for the crypto market, with significant liquidations and leading assets like Bitcoin and Ethereum experiencing substantial declines<ref name="coincunews-8458" />. Celsius allows users to deposit Bitcoin, Ethereum, and Tether, earning interest payments, and has 1.7 million users<ref name=":0" />. The move has led to concerns among users in leveraged positions who urgently need access to their funds<ref name="coincunews-8458" />.



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	"While Tether’s investment portfolio does include an investment in the company, representing a minimal part of our shareholders equity, there is no correlation between this investment and our own reserves or stability. Also Tether lending activity with Celsius (as with any other borrower) has always been overcollateralized and has no impact on our reserves."		"While Tether’s investment portfolio does include an investment in the company, representing a minimal part of our shareholders equity, there is no correlation between this investment and our own reserves or stability. Also Tether lending activity with Celsius (as with any other borrower) has always been overcollateralized and has no impact on our reserves."

	~~=== Outrage And Reactions On Reddit ===~~
	The Reddit discussion revolves around the balance between user responsibility, the need for crypto regulation, and the specific situation with Celsius Network. Users emphasize the importance of understanding the risks associated with cryptocurrency platforms and urge caution when investing in the crypto market. Some users argue that the cryptocurrency market is not entirely unregulated, pointing out that fraud laws and wire fraud laws still apply. They suggest that Celsius Network's issues might not be a result of a lack of regulation but rather mismanagement. Some users express concerns about corporations in the crypto market making their own rules in the absence of regulatory oversight, potentially harming customers. Users discuss Celsius Network's situation, acknowledging that it might not be a scam but rather a case of poor decisions and bad luck. They mention that Celsius Network's terms and conditions outline the risks involved. A recurring theme in the discussion is the importance of users understanding the risks and reading the terms and conditions of the platforms they use. Celsius Network users are reminded that they are essentially unsecured creditors and should have understood this before using the platform<ref name="reddit-11470" />.

	=== Celsius Tweet and Memo Posted ===		=== Celsius Tweet and Memo Posted ===
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	We thank the incredible Celsius community for your support today. It is our pleasure to serve you. Our operations continue and we will continue to share information with the community as it becomes available.</blockquote>		We thank the incredible Celsius community for your support today. It is our pleasure to serve you. Our operations continue and we will continue to share information with the community as it becomes available.</blockquote>

			=== Outrage And Reactions On Reddit ===
			A Reddit discussion at the time of the collapse revolved around the balance between user responsibility, the need for crypto regulation, and the specific situation with Celsius Network. Many users emphasized the importance of understanding the risks associated with cryptocurrency platforms and urge caution when investing in the crypto market. Some users argue that the cryptocurrency market is not entirely unregulated, pointing out that fraud laws and wire fraud laws still apply. They suggest that Celsius Network's issues might not be a result of a lack of regulation but rather mismanagement. Some users express concerns about corporations in the crypto market making their own rules in the absence of regulatory oversight, potentially harming customers. Some users discuss Celsius as a case of poor decisions and bad luck. They mention that Celsius Network's terms and conditions outline the risks involved. A recurring theme in the discussion is the importance of users understanding the risks and reading the terms and conditions of the platforms they use. Celsius Network users are reminded that they are essentially unsecured creditors and should have understood this before using the platform<ref name="reddit-11470" />.

	== Ultimate Outcome ==		== Ultimate Outcome ==



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	=== Plot For Celsius Comeback ===		=== Plot For Celsius Comeback ===
	In September 2022, CEO Alex Mashinsky and another executive outlined a plan to rebuild the company, focusing on custody services – storing users' cryptocurrencies and charging fees on certain transactions. This project is codenamed "Kelvin." While Mr. Mashinsky compared the situation to corporate turnarounds of famous brands, employees expressed skepticism about the revival plan.<ref name="nytimes-9831" />		In September 2022, CEO Alex Mashinsky and another executive outlined a plan to rebuild the company, focusing on custody services – storing users' cryptocurrencies and charging fees on certain transactions. This project is codenamed "Kelvin." While Mr. Mashinsky compared the situation to corporate turnarounds of famous brands, employees expressed skepticism about the revival plan.<ref name="nytimes-9831" />

	Celsius Network originally gained prominence by offering high-interest rates of up to 18% on digital asset deposits and enabling customers to take out loans and participate in staking. However, it suffered heavy losses due to risky investments during the crypto market downturn. Many customers still have assets trapped on the platform, with Celsius reporting a debt of $4.7 billion to customers in court.<ref name="nytimes-9831" />

	The fate of Celsius Network depends on federal bankruptcy judge Martin Glenn's approval of any proposal. The company is working with the Committee of Unsecured Creditors (U.C.C.) to develop a plan for restarting operations, although the committee reportedly has concerns about Mr. Mashinsky's involvement and the feasibility of the Kelvin proposal.<ref name="nytimes-9831" />		The fate of Celsius Network depends on federal bankruptcy judge Martin Glenn's approval of any proposal. The company is working with the Committee of Unsecured Creditors (U.C.C.) to develop a plan for restarting operations, although the committee reportedly has concerns about Mr. Mashinsky's involvement and the feasibility of the Kelvin proposal.<ref name="nytimes-9831" />

Azoundria: Another 30 minutes complete. Additional sources merged in. FAQ integrated.

2023-11-16T00:47:08Z

Another 30 minutes complete. Additional sources merged in. FAQ integrated.

← Older revision		Revision as of 18:47, 15 November 2023
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	\|June 12th, 2022 9:35:39 PM MDT		\|June 12th, 2022 9:35:39 PM MDT
	\|CoinCu Article		\|CoinCu Article
	\|CoinCu ~~publishes an article on the pending default~~<ref name="coincunews-8458" /><ref>[https://web.archive.org/web/20220613033539/https://news.coincu.com/97954-celsius-facing-default/ Celsius Facing “Default”? - CoinCu News Archive June 12th, 2022 9:35:39 PM MDT] (Apr 12, 2023)</ref>. ~~TBD Read more~~.		\|CoinCu reports that Celsius Network has halted withdrawals, swaps, and transfers between accounts, citing "extreme market conditions."<ref name="coincunews-8458" /> <ref name=":0">[https://web.archive.org/web/20220613033539/https://news.coincu.com/97954-celsius-facing-default/ Celsius Facing “Default”? - CoinCu News Archive June 12th, 2022 9:35:39 PM MDT] (Apr 12, 2023)</ref>This move has sparked concerns and rumors of a potential default. The CEL token's price has seen a 76% drop in the last seven days. Celsius, valued at around $3 billion, stated that the action aims to position C Network better to meet its cash-out obligations over time. The announcement comes amid a challenging period for the crypto market, with significant liquidations and leading assets like Bitcoin and Ethereum experiencing substantial declines. Celsius allows users to deposit Bitcoin, Ethereum, and Tether, earning interest payments, and has 1.7 million users. The move has led to concerns among users in leveraged positions who urgently need access to their funds.
	\|-		\|-
	\|June 13th, 2022 1:19:00 AM MDT		\|June 13th, 2022 1:19:00 AM MDT
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	\|June 14th, 2022		\|June 14th, 2022
	\|FAQ Article Published		\|FAQ Article Published
	\|Celsius publishes a FAQ article on their blog, which answers many questions<ref name="celsiusnetworkblog-8463" />. ~~TBD fill~~ in ~~more details~~		\|Celsius publishes a FAQ article on their blog, which answers many questions<ref name="celsiusnetworkblog-8463" /><ref>[https://web.archive.org/web/20220615104713/https://blog.celsius.network/community-faq-510f9996d94c?gi=2acdc694cdf Community FAQ - Celsius Network Medium Archive June 15th, 2022 4:47:13 AM MDT] (Nov 15, 2023)</ref>. Celsius Network has paused withdrawals, swaps, and transfers between accounts, citing the need to stabilize liquidity and operations to protect customer assets. The move has raised concerns among users, prompting the team to address frequently asked questions (FAQs). The FAQ assures users that the team is working diligently to meet obligations and stabilize operations while reiterating that all coins in Earn accounts will continue to accrue rewards. It also advises users facing margin calls to respond promptly and assures the community that updates will be provided through various channels, including Twitter, customer notifications, and the website.
	\|-		\|-
	\|June 15th, 2022 4:16:00 AM MDT		\|June 15th, 2022 4:16:00 AM MDT
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	\|MakerDAO Debt Position Repaid		\|MakerDAO Debt Position Repaid
	\|According to an article by Proactive Research, Celsius repaid another $50m USD of their debt in the MakerDAO protocol, which totaled $200m USD. This was necessary to avoid a margin call situation on the bitcoin held there<ref name="proactiveinvestors-9280" />. Withdrawals remain frozen on the Celsius website at this time. "Despite Mashinsky’s repeated and vocal jabs at the traditional finance sector (“Banks are not your friend” being his personal motto), Celsius appears to be in talks with Goldman Sachs (NYSE:GS) regarding a US$2bln buy up of distressed assets."		\|According to an article by Proactive Research, Celsius repaid another $50m USD of their debt in the MakerDAO protocol, which totaled $200m USD. This was necessary to avoid a margin call situation on the bitcoin held there<ref name="proactiveinvestors-9280" />. Withdrawals remain frozen on the Celsius website at this time. "Despite Mashinsky’s repeated and vocal jabs at the traditional finance sector (“Banks are not your friend” being his personal motto), Celsius appears to be in talks with Goldman Sachs (NYSE:GS) regarding a US$2bln buy up of distressed assets."
			\|-
			\|July 10th, 2022
			\|Customer Fund Update
			\|The account holds approximately $4.2 billion in crypto as of July 10, 2022<ref name=":1">[https://medium.com/@CryptoSavingExpert/u-s-judge-grants-celsius-ownership-rights-to-4-2b-of-users-assets-fb8a6984a021 U.S. Judge Grants Celsius Ownership Rights to $4.2B of Users Assets - CryptoSavingExpert Medium] (Nov 15, 202#)</ref>.
	\|-		\|-
	\|July 12th, 2022 11:09:00 AM MDT		\|July 12th, 2022 11:09:00 AM MDT
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	\|Andrei Jikh Video on Celsius		\|Andrei Jikh Video on Celsius
	\|Andrei Jikh shares a video including information about the bankruptcy of Celsius, a major player in the cryptocurrency space. Celsius reported assets under management of $12 billion as of May 2021, had 1.7 million customers in June, and raised $750 million in series B funding last year, valuing the company at $3.25 billion. One of the entities that gave them money was Quebec, Canada's second-largest pension fund, which could potentially hurt Canadian retirees. Celsius declared chapter 11 bankruptcy, with over 100,000 creditors owed money. Celsius froze all customer withdrawals last month, stating it was due to extreme market conditions, but it was likely because they lent money to or borrowed money from Three Arrows Capital, who were not conservative with people's money. Celsius took out collateralized term loans from a private lending platform after running out of ways to make money, and the lender was unable to return the company's collateral on time when Celsius tried to repay the loan. Vermont launched a private investigation into Celsius, alleging that they are deeply insolvent, possibly due to their failure to register their interest accounts as securities, and their customers did not receive critical disclosures about their financial condition. "[P]ersonally I stand to lose potentially multiple six figures which is a lot and it hurts it's not fun that still represents roughly 10 percent of my current net worth so yes it's a lot but i'm young and hopefully I can recover"<ref name="youtube-8526" />.		\|Andrei Jikh shares a video including information about the bankruptcy of Celsius, a major player in the cryptocurrency space. Celsius reported assets under management of $12 billion as of May 2021, had 1.7 million customers in June, and raised $750 million in series B funding last year, valuing the company at $3.25 billion. One of the entities that gave them money was Quebec, Canada's second-largest pension fund, which could potentially hurt Canadian retirees. Celsius declared chapter 11 bankruptcy, with over 100,000 creditors owed money. Celsius froze all customer withdrawals last month, stating it was due to extreme market conditions, but it was likely because they lent money to or borrowed money from Three Arrows Capital, who were not conservative with people's money. Celsius took out collateralized term loans from a private lending platform after running out of ways to make money, and the lender was unable to return the company's collateral on time when Celsius tried to repay the loan. Vermont launched a private investigation into Celsius, alleging that they are deeply insolvent, possibly due to their failure to register their interest accounts as securities, and their customers did not receive critical disclosures about their financial condition. "[P]ersonally I stand to lose potentially multiple six figures which is a lot and it hurts it's not fun that still represents roughly 10 percent of my current net worth so yes it's a lot but i'm young and hopefully I can recover"<ref name="youtube-8526" />.
			\|-
			\|July 18th, 2022 9:20:37 PM MDT
			\|Customers Lost Custody of Asset Arguments
			\|Lawyers for Celsius, the bankrupt crypto lender, asserted that the 1.7 million registered users globally had relinquished ownership rights to the crypto they deposited into Earn and Borrow accounts, as per the company's terms of service<ref name=":2">[https://web.archive.org/web/20220719032037/https://cointelegraph.com/news/celsius-lawyers-claim-users-gave-up-legal-rights-to-their-crypto Celsius lawyers claim users gave up legal rights to their crypto - CoinTelegraph Archive July 18th, 2022 9:20:37 PM MDT] (Nov 15, 2023)</ref>. Celsius claimed the freedom to use, sell, pledge, and rehypothecate these coins. While the Custody program launched for non-accredited US investors was supposedly distinct, a legal question arose about whether Custody account holders retained title to their assets. Celsius paused withdrawals for all users on June 13 and ceased issuing new loans on July 13<ref name=":2">[https://web.archive.org/web/20220719032037/https://cointelegraph.com/news/celsius-lawyers-claim-users-gave-up-legal-rights-to-their-crypto Celsius lawyers claim users gave up legal rights to their crypto - CoinTelegraph Archive July 18th, 2022 9:20:37 PM MDT] (Nov 15, 2023)</ref>. The firm argued that it could sell Bitcoin mined through its subsidiary mining operation to settle debts, planning to generate around 15,000 BTC through 2023<ref name=":2">[https://web.archive.org/web/20220719032037/https://cointelegraph.com/news/celsius-lawyers-claim-users-gave-up-legal-rights-to-their-crypto Celsius lawyers claim users gave up legal rights to their crypto - CoinTelegraph Archive July 18th, 2022 9:20:37 PM MDT] (Nov 15, 2023)</ref>. Critics, like attorney David Silver, expressed skepticism about Celsius's claim of being a Bitcoin mining company<ref name=":2">[https://web.archive.org/web/20220719032037/https://cointelegraph.com/news/celsius-lawyers-claim-users-gave-up-legal-rights-to-their-crypto Celsius lawyers claim users gave up legal rights to their crypto - CoinTelegraph Archive July 18th, 2022 9:20:37 PM MDT] (Nov 15, 2023)</ref>.
	\|-		\|-
	\|September 13th, 2022 10:29:28 AM MDT		\|September 13th, 2022 10:29:28 AM MDT
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	\|CryptoKwam Video Posted		\|CryptoKwam Video Posted
	\|The incident is featured in a CryptoKwam video on YouTube as an argument for holding your own private keys<ref name="youtube-9289">[https://www.youtube.com/watch?v=lrWsUa1ItKQ CryptoKwam - Vauld, Celsius, and Voyager suspend Withdrawals. Why you should own your Private Keys! Ledger Nano X - YouTube] (Oct 19, 2022)</ref>.		\|The incident is featured in a CryptoKwam video on YouTube as an argument for holding your own private keys<ref name="youtube-9289">[https://www.youtube.com/watch?v=lrWsUa1ItKQ CryptoKwam - Vauld, Celsius, and Voyager suspend Withdrawals. Why you should own your Private Keys! Ledger Nano X - YouTube] (Oct 19, 2022)</ref>.
			\|-
			\|January 4th, 2023 2:29:00 PM MST
			\|Celsius Granted Ownership Rights
			\|The United States Bankruptcy Court for the Southern District of New York rules that funds in Celsius's Earn account are the property of the bankrupt crypto lender, not investors<ref name=":1" /><ref name=":3">[https://twitter.com/WatcherGuru/status/1610750229313101830 WatcherGuru - "JUST IN: Judge grants Celsius Network ownership rights to $4.2 billion in customer #crypto deposits." - Twitter] (Nov 15, 2023)</ref>. Celsius Earn customers had filed lawsuits requesting the return of their funds, but the court ruled that Celsius's terms of service made it clear that the company took ownership of customer deposits in the Earn accounts<ref name=":1" />. The ruling means that Celsius customers with non-interest-bearing accounts and other secured creditors will be treated with higher priority during repayments than those with Earn accounts<ref name=":1" />. Earn customers, now classified as unsecured creditors, will be taken care of after Celsius repays higher-priority customers<ref name=":1" />. The court also authorized Celsius to sell approximately $18 million in stablecoins held in customers' Earn accounts to fund administrative costs<ref name=":1" />. According to the Wall Street Journal, "Judge Martin Glenn said Wednesday that $4.2 billion in cryptocurrency deposits are the property of Celsius, clearing the way for the company to use its digital assets as it sees fit, while also dealing a blow to the hopes of thousands of customers by declaring them unsecured creditors."<ref name=":4">[https://www.wsj.com/articles/celsius-network-wins-ownership-rights-to-customer-crypto-deposits-11672865422 Celsius Network Wins Ownership Rights to Customer Crypto Deposits - Wall Street Journal] (Nov 15, 2023)</ref>
	\|}		\|}

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	== Immediate Reactions ==		== Immediate Reactions ==
			Celsius Network halted withdrawals, swaps, and transfers between accounts, and cited "extreme market conditions."<ref name="coincunews-8458" /><ref name=":0" /> This move has sparked concerns and rumors of a potential default. The CEL token's price saw a 76% drop within seven days<ref name="coincunews-8458" />. Celsius, valued at around $3 billion, stated that the action aims to position their network better to meet its cash-out obligations over time<ref name=":0" />. The announcement comes amid a challenging period for the crypto market, with significant liquidations and leading assets like Bitcoin and Ethereum experiencing substantial declines<ref name="coincunews-8458" />. Celsius allows users to deposit Bitcoin, Ethereum, and Tether, earning interest payments, and has 1.7 million users<ref name=":0" />. The move has led to concerns among users in leveraged positions who urgently need access to their funds<ref name="coincunews-8458" />.


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	The exact details of Celsius's revival plan are unclear, but it appears that the company may shift toward charging fees for custody and other services instead of its previous zero-fee approach. Customers who have been trying to retrieve their crypto assets from Celsius have formed groups to strategize their actions, and the company is planning a "unique crypto solution" to compensate them. Celsius executives view this as a "hero's journey" toward redemption, aiming for success despite their previous setbacks.<ref name="nytimes-9831" />		The exact details of Celsius's revival plan are unclear, but it appears that the company may shift toward charging fees for custody and other services instead of its previous zero-fee approach. Customers who have been trying to retrieve their crypto assets from Celsius have formed groups to strategize their actions, and the company is planning a "unique crypto solution" to compensate them. Celsius executives view this as a "hero's journey" toward redemption, aiming for success despite their previous setbacks.<ref name="nytimes-9831" />

			=== Customer Funds Declared As Celsius Property ===
			From the early stages of the bankruptcy, lawyers for Celsius asserted that the 1.7 million registered users globally had relinquished ownership rights to the crypto they deposited into Earn and Borrow accounts, as per the company's terms of service<ref name=":2" />. Celsius claimed the freedom to use, sell, pledge, and rehypothecate these coins. While the Custody program launched for non-accredited US investors was supposedly distinct, a legal question arose about whether Custody account holders retained title to their assets. Celsius paused withdrawals for all users on June 13 and ceased issuing new loans on July 13<ref name=":2" />. The firm argued that it could sell Bitcoin mined through its subsidiary mining operation to settle debts, planning to generate around 15,000 BTC through 2023<ref name=":2" />.

			The United States Bankruptcy Court for the Southern District of New York ultimately ruled that funds in Celsius's Earn account are the property of the bankrupt crypto lender, not the investors who deposited them<ref name=":1" />. The account holds approximately $4.2 billion in crypto as of July 10, 2022. Celsius Earn customers had filed lawsuits requesting the return of their funds, but the court ruled that Celsius's terms of service made it clear that the company took ownership of customer deposits in the Earn accounts<ref name=":1" />. The ruling means that Celsius customers with non-interest-bearing accounts and other secured creditors will be treated with higher priority during repayments than those with Earn accounts<ref name=":1" />. Earn customers, now classified as unsecured creditors, will be taken care of after Celsius repays higher-priority customers<ref name=":1" />. The court also authorized Celsius to sell approximately $18 million in stablecoins held in customers' Earn accounts to fund administrative costs<ref name=":1" />.

			In January 2023, funds remaining in Celsius accounts were confirmed legally to be the property of Celsius, based largely on the Terms of Use which customers agreed to when setting up their accounts<ref name=":3" /><ref name=":1" />.<blockquote>''“The Court concludes, based on Celsius’s unambiguous Terms of Use, and subject to any reserved defences, that when the cryptocurrency assets (including stablecoins, discussed in detail below) were deposited in Earn Accounts, the cryptocurrency assets became Celsius’s property; and the cryptocurrency assets remaining in the Earn Accounts on the Petition Date became property of the Debtors’ bankruptcy estates (the “Estates”),”'' the ruling document stated.</blockquote>According to the Wall Street Journal, "Judge Martin Glenn said Wednesday that $4.2 billion in cryptocurrency deposits are the property of Celsius, clearing the way for the company to use its digital assets as it sees fit, while also dealing a blow to the hopes of thousands of customers by declaring them unsecured creditors."<ref name=":4" />

	== Total Amount Recovered ==		== Total Amount Recovered ==

Azoundria: Another 30 minutes complete. Additional sources merged in.

2023-10-06T19:13:28Z

Another 30 minutes complete. Additional sources merged in.

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Azoundria at 18:41, 6 October 2023

2023-10-06T18:41:29Z

← Older revision		Revision as of 12:41, 6 October 2023
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	{{Case Study Under Construction}}[[File:Celsiusnetwork.jpg\|thumb\|Celsius Network]]Celsius Network is a cryptocurrency lending platform, where you can deposit your cryptocurrency and take out a loan against it. After a series of risky investments using customer funds, the platform closed all customer withdrawals and transfers after June 12th, 2022. Customers are even unable to transfer existing assets to add collateral to loans. Celsius is reportedly looking into different options to restructure the service. It remains to be seen what portion of the $11.8b in customer assets will be retrievable.		{{Case Study Under Construction}}[[File:Celsiusnetwork.jpg\|thumb\|Celsius Network]]Celsius Network is a cryptocurrency lending platform, where you can deposit your cryptocurrency and take out a loan against it. After a series of risky investments using customer funds, the platform closed all customer withdrawals and transfers after June 12th, 2022. Customers are even unable to transfer existing assets to add collateral to loans. Celsius is reportedly looking into different options to restructure the service. It remains to be seen what portion of the $11.8b in customer assets will be retrievable.
			<ref name="reddit-11470" />

	== About Celsius Network ==		== About Celsius Network ==
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	<ref name="newsdotbitcoin-10038">[https://news.bitcoin.com/bankrupt-crypto-lender-celsius-asset-sale-is-scheduled-sources-say-ftx-ceo-may-bid/ Bankrupt Crypto Lender Celsius' Asset Sale Is Scheduled, Sources Say FTX CEO May Bid – Bitcoin News] (Dec 15, 2022)</ref>		<ref name="newsdotbitcoin-10038">[https://news.bitcoin.com/bankrupt-crypto-lender-celsius-asset-sale-is-scheduled-sources-say-ftx-ceo-may-bid/ Bankrupt Crypto Lender Celsius' Asset Sale Is Scheduled, Sources Say FTX CEO May Bid – Bitcoin News] (Dec 15, 2022)</ref>
	<ref name="coinmarketcaptwitter-10164">[https://twitter.com/CoinMarketCap/status/1536246819436601344 CoinMarketCap - "Celsius has suspended ALL withdrawals, swaps and transfers — blaming 'extreme market conditions'" - Twitter] (Jan 6, 2023)</ref>		<ref name="coinmarketcaptwitter-10164">[https://twitter.com/CoinMarketCap/status/1536246819436601344 CoinMarketCap - "Celsius has suspended ALL withdrawals, swaps and transfers — blaming 'extreme market conditions'" - Twitter] (Jan 6, 2023)</ref>
			<ref name="reddit-11470">[https://web.archive.org/web/20220616105809/https://old.reddit.com/r/CryptoCurrency/comments/vdj9mn/no_regulation_doesnt_justify_a_scam/ No regulation doesn't justify a scam : CryptoCurrency] (Aug 18, 2023)</ref></references>
	</references>		</references>

Azoundria: Undo revision 4983 by Azoundria (talk)

2023-10-06T18:40:00Z

Undo revision 4983 by Azoundria (talk)

Show changes

Azoundria at 05:11, 4 September 2023

2023-09-04T05:11:21Z

Show changes

Azoundria: Another 30 minutes complete.

2023-06-13T16:37:52Z

Another 30 minutes complete.

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Azoundria: Another 30 minutes complete. All sources merged in.

2023-06-09T19:24:54Z

Another 30 minutes complete. All sources merged in.

← Older revision		Revision as of 13:24, 9 June 2023
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	{{~~Imported~~ Case Study ~~2\|source=https://www.quadrigainitiative.com/casestudy/celsiusplatformwithdrawalspaused.php}}~~		{{Case Study Under Construction}}[[File:Celsiusnetwork.jpg\|thumb\|Celsius Network]]Celsius Network is a cryptocurrency lending platform, where you can deposit your cryptocurrency and take out a loan against it. After a series of risky investments using customer funds, as of June 12th, it appears that the platform has now prevented all customer withdrawals and transfers. The company is reportedly looking into different options to restructure the service. Customers are even unable to transfer existing assets to add collateral to loans. It remains to be seen what portion of the $11.8b in customer assets will be retrievable.
	~~{{Unattributed Sources~~}}

	[[File:Celsiusnetwork.jpg\|thumb\|Celsius Network]]Celsius Network is a cryptocurrency lending platform, where you can deposit your cryptocurrency and take out a loan against it. After a series of risky investments using customer funds, as of June 12th, it appears that the platform has now prevented all customer withdrawals and transfers. The company is reportedly looking into different options to restructure the service. Customers are even unable to transfer existing assets to add collateral to loans. It remains to be seen what portion of the $11.8b in customer assets will be retrievable.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="reddit-9134" /><ref name="nytimes-9831" /><ref name="newjerseyattorneygeneral-10037" />

	== About Celsius Network ==		== About Celsius Network ==
Line 103:		Line 98:

	== What Happened ==		== What Happened ==
	~~The specific events of~~ the ~~loss~~ and how ~~it came about. What actually happened to cause~~ the ~~loss~~ and ~~some~~ of the ~~events leading up to it~~.		Celsius offered an "Earn Rewards" program which allowed customers to set up accounts with fixed interest rates in crypto-assets. These assets were not backed on the platform, and instead would be provided to third parties who invested them in various ways. Customers received limited visibility into how their assets were being invested behind the scenes, and saw only the balance of their original assets plus interest earned. Ultimately on June 12th, 2022, customers found that they could no longer withdraw their funds rather suddenly and the platform started down a bankruptcy route.
	{\| class="wikitable"		{\| class="wikitable"
	\|+Key Event Timeline - Celsius Platform Withdrawals Paused		\|+Key Event Timeline - Celsius Platform Withdrawals Paused
Line 109:		Line 104:
	!Event		!Event
	!Description		!Description
			\|-
			\|June 2018
			\|Start of Earn Rewards Platform
			\|According to the State of New Jersey Bureau of Securities, Celsius first started their "Earn Rewards" accounts in June 2018<ref name="newjerseyattorneygeneral-10037" />.
	\|-		\|-
	\|November 14th, 2019 4:03:00 AM MST		\|November 14th, 2019 4:03:00 AM MST
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	\|Unregistered Securities Totalled		\|Unregistered Securities Totalled
	\|According to the state of New Jersey Bureau of Securities, Celsius at this time held the equivalent of more than $14b USD<ref name="newjerseyattorneygeneral-10037" />.		\|According to the state of New Jersey Bureau of Securities, Celsius at this time held the equivalent of more than $14b USD<ref name="newjerseyattorneygeneral-10037" />.
			\|-
			\|September 17th, 2021
			\|New Jersey Cease and Desist
			\|The State of New Jersey Bureau of Securities publishes a Cease and Desist order against Celsius<ref name="newjerseyattorneygeneral-10037" />.
	\|-		\|-
	\|November 1st, 2021		\|November 1st, 2021
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	\|Andrei Jikh Video on Celsius		\|Andrei Jikh Video on Celsius
	\|Andrei Jikh shares a video including information about the bankruptcy of Celsius, a major player in the cryptocurrency space. Celsius reported assets under management of $12 billion as of May 2021, had 1.7 million customers in June, and raised $750 million in series B funding last year, valuing the company at $3.25 billion. One of the entities that gave them money was Quebec, Canada's second-largest pension fund, which could potentially hurt Canadian retirees. Celsius declared chapter 11 bankruptcy, with over 100,000 creditors owed money. Celsius froze all customer withdrawals last month, stating it was due to extreme market conditions, but it was likely because they lent money to or borrowed money from Three Arrows Capital, who were not conservative with people's money. Celsius took out collateralized term loans from a private lending platform after running out of ways to make money, and the lender was unable to return the company's collateral on time when Celsius tried to repay the loan. Vermont launched a private investigation into Celsius, alleging that they are deeply insolvent, possibly due to their failure to register their interest accounts as securities, and their customers did not receive critical disclosures about their financial condition. "[P]ersonally I stand to lose potentially multiple six figures which is a lot and it hurts it's not fun that still represents roughly 10 percent of my current net worth so yes it's a lot but i'm young and hopefully I can recover"<ref name="youtube-8526" />.		\|Andrei Jikh shares a video including information about the bankruptcy of Celsius, a major player in the cryptocurrency space. Celsius reported assets under management of $12 billion as of May 2021, had 1.7 million customers in June, and raised $750 million in series B funding last year, valuing the company at $3.25 billion. One of the entities that gave them money was Quebec, Canada's second-largest pension fund, which could potentially hurt Canadian retirees. Celsius declared chapter 11 bankruptcy, with over 100,000 creditors owed money. Celsius froze all customer withdrawals last month, stating it was due to extreme market conditions, but it was likely because they lent money to or borrowed money from Three Arrows Capital, who were not conservative with people's money. Celsius took out collateralized term loans from a private lending platform after running out of ways to make money, and the lender was unable to return the company's collateral on time when Celsius tried to repay the loan. Vermont launched a private investigation into Celsius, alleging that they are deeply insolvent, possibly due to their failure to register their interest accounts as securities, and their customers did not receive critical disclosures about their financial condition. "[P]ersonally I stand to lose potentially multiple six figures which is a lot and it hurts it's not fun that still represents roughly 10 percent of my current net worth so yes it's a lot but i'm young and hopefully I can recover"<ref name="youtube-8526" />.
			\|-
			\|September 13th, 2022 10:29:28 AM MDT
			\|Celsius Plotting a Comeback
			\|According to the New York Times, Celsius is plotting a comeback<ref name="nytimes-9831" />. TBD more details from article.
	\|-		\|-
	\|October 2nd, 2022 2:06:44 PM MDT		\|October 2nd, 2022 2:06:44 PM MDT
	\|		\|Jail He Should Be Reddit
	\|		\|The Reddit community is outraged by the withdrawal of funds prior to the bankruptcy<ref name="reddit-9134" />.
	\|-		\|-
	\|October 4th, 2022 12:30:33 PM MDT		\|October 4th, 2022 12:30:33 PM MDT
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	\|October 6th, 2022 4:30:00 AM MDT		\|October 6th, 2022 4:30:00 AM MDT
	\|Celsius Executives Cashed Out Funds		\|Celsius Executives Cashed Out Funds
	\|News reports from Gizmodo allege that multiple Celsius executives cashed out funds in anticipation of the collapse. It's reported that between $17m USD and $23m USD worth of funds were cashed out in the days just prior to the collapse of the platform<ref name="gizmodo-10036" />. "he two execs who pulled out the combined $17 million in crypto were former CEO Alex Mashinsky and former Chief Strategy Officer Daniel Leon. Mashinsky resigned as CEO in September, but is still at the center of the investigation over whether Celsius was little more than a Ponzi Scheme—something that over 40 states are currently looking into. Leon resigned just yesterday.		\|News reports from Gizmodo allege that multiple Celsius executives cashed out funds in anticipation of the collapse. It's reported that between $17m USD and $23m USD worth of funds were cashed out in the days just prior to the collapse of the platform<ref name="gizmodo-10036" />. "he two execs who pulled out the combined $17 million in crypto were former CEO Alex Mashinsky and former Chief Strategy Officer Daniel Leon. Mashinsky resigned as CEO in September, but is still at the center of the investigation over whether Celsius was little more than a Ponzi Scheme—something that over 40 states are currently looking into. Leon resigned just yesterday."
	"
	\|-		\|-
	\|October 16th, 2022 1:00:08 AM MDT		\|October 16th, 2022 1:00:08 AM MDT
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	The use of a multi-signature wallet could also provide additional scrutiny to reduce the risk. Presently, it is unclear how such decisions were made.		The use of a multi-signature wallet could also provide additional scrutiny to reduce the risk. Presently, it is unclear how such decisions were made.
	== Individual Prevention Policies ==		== Individual Prevention Policies ==
	{{Prevention:~~Individuals~~:~~Placeholder~~}}		{{Prevention:Individual:Avoid Third Party Custodians}}

			{{Prevention:Individual:Store Funds Offline}}

			{{Prevention:Individual:Question Unrealistic Profit}}

	{{Prevention:Individuals:End}}		{{Prevention:Individuals:End}}

	== Platform Prevention Policies ==		== Platform Prevention Policies ==
	{{Prevention:Platforms:~~Placeholder~~}}		{{Prevention:Platforms:No Secret High Risk Investments}}

			{{Prevention:Platforms:Regular Audit Procedures}}

			{{Prevention:Platforms:Implement Multi-Signature}}

	{{Prevention:Platforms:End}}		{{Prevention:Platforms:End}}
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	<ref name="youtube-8526">[https://www.youtube.com/watch?v=K12FFiiTDnY Andrei Jikh - The Crypto Collapse Just Got Worse - YouTube] (Jul 16, 2022)</ref>		<ref name="youtube-8526">[https://www.youtube.com/watch?v=K12FFiiTDnY Andrei Jikh - The Crypto Collapse Just Got Worse - YouTube] (Jul 16, 2022)</ref>
	<ref name="coffeebreakyttwitter-8948">[https://twitter.com/coffeebreak_YT/status/1546904563160055809 CoffeeZilla - "Voyager is trying to sell people this "chapter 11 bankruptcy-reorg", and hide the fact that under bankruptcy law, a company that describes itself as a "BROKER", cannot do CH11." - Twitter] (Aug 31, 2022)</ref>		<ref name="coffeebreakyttwitter-8948">[https://twitter.com/coffeebreak_YT/status/1546904563160055809 CoffeeZilla - "Voyager is trying to sell people this "chapter 11 bankruptcy-reorg", and hide the fact that under bankruptcy law, a company that describes itself as a "BROKER", cannot do CH11." - Twitter] (Aug 31, 2022)</ref>
	<ref name="reddit-9134">[https://~~www~~.reddit.com/r/Bitcoin/comments/xtyell/jail_he_should_be/ Jail he should be. : ~~Bitcoin~~] (Oct 3, 2022)</ref>		<ref name="reddit-9134">[https://web.archive.org/web/20221003050401/https://old.reddit.com/r/Bitcoin/comments/xtyell/jail_he_should_be/ Jail he should be. - Reddit Archive October 2nd, 2022 11:04:01 PM MDT] (Oct 3, 2022)</ref>
	<ref name="proactiveinvestors-9280">[https://www.proactiveinvestors.ca/companies/news/986546/celsius-user-funds-remain-in-the-balance-as-partial-debt-repaid-986546.html Celsius’ user funds remain in the balance as partial debt repaid - Proactive Research] (Oct 19, 2022)</ref>		<ref name="proactiveinvestors-9280">[https://www.proactiveinvestors.ca/companies/news/986546/celsius-user-funds-remain-in-the-balance-as-partial-debt-repaid-986546.html Celsius’ user funds remain in the balance as partial debt repaid - Proactive Research] (Oct 19, 2022)</ref>
	<ref name="nytimes-9831">[https://www.nytimes.com/2022/09/13/technology/celsius-network-crypto.html Celsius Network Plots a Comeback After a Crypto Crash - The New York Times] (Nov 30, 2022)</ref>		<ref name="nytimes-9831">[https://www.nytimes.com/2022/09/13/technology/celsius-network-crypto.html Celsius Network Plots a Comeback After a Crypto Crash - The New York Times] (Nov 30, 2022)</ref>

Azoundria: Another 30 minutes complete.

2023-06-08T18:32:47Z

Another 30 minutes complete.

← Older revision		Revision as of 12:32, 8 June 2023
Line 4:		Line 4:
	[[File:Celsiusnetwork.jpg\|thumb\|Celsius Network]]Celsius Network is a cryptocurrency lending platform, where you can deposit your cryptocurrency and take out a loan against it. After a series of risky investments using customer funds, as of June 12th, it appears that the platform has now prevented all customer withdrawals and transfers. The company is reportedly looking into different options to restructure the service. Customers are even unable to transfer existing assets to add collateral to loans. It remains to be seen what portion of the $11.8b in customer assets will be retrievable.		[[File:Celsiusnetwork.jpg\|thumb\|Celsius Network]]Celsius Network is a cryptocurrency lending platform, where you can deposit your cryptocurrency and take out a loan against it. After a series of risky investments using customer funds, as of June 12th, it appears that the platform has now prevented all customer withdrawals and transfers. The company is reportedly looking into different options to restructure the service. Customers are even unable to transfer existing assets to add collateral to loans. It remains to be seen what portion of the $11.8b in customer assets will be retrievable.

	This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="reddit-9134~~" /><ref name="proactiveinvestors-9280~~" /><ref name="nytimes-9831~~" /><ref name="gizmodo-10036~~" /><ref name="newjerseyattorneygeneral-10037" />		This exchange or platform is based in United States, or the incident targeted people primarily in United States.<ref name="reddit-9134" /><ref name="nytimes-9831" /><ref name="newjerseyattorneygeneral-10037" />

	== About Celsius Network ==		== About Celsius Network ==
Line 197:		Line 197:
	\|Celsius Blog Post		\|Celsius Blog Post
	\|Celsius publishes another blog post. They state the team at Celsius is working diligently to stabilize their liquidity and operations, exploring various options including strategic transactions and restructuring of liabilities. They are working with experts from different disciplines and are committed to maintaining an open dialogue with their community and clients. Celsius provides an FAQ and contact information for those needing assistance<ref name="celsiusnetworkblog-8465" />.		\|Celsius publishes another blog post. They state the team at Celsius is working diligently to stabilize their liquidity and operations, exploring various options including strategic transactions and restructuring of liabilities. They are working with experts from different disciplines and are committed to maintaining an open dialogue with their community and clients. Celsius provides an FAQ and contact information for those needing assistance<ref name="celsiusnetworkblog-8465" />.
			\|-
			\|July 4th, 2022 8:42:00 AM MDT
			\|MakerDAO Debt Position Repaid
			\|According to an article by Proactive Research, Celsius repaid another $50m USD of their debt in the MakerDAO protocol, which totaled $200m USD. This was necessary to avoid a margin call situation on the bitcoin held there<ref name="proactiveinvestors-9280" />. Withdrawals remain frozen on the Celsius website at this time. "Despite Mashinsky’s repeated and vocal jabs at the traditional finance sector (“Banks are not your friend” being his personal motto), Celsius appears to be in talks with Goldman Sachs (NYSE:GS) regarding a US$2bln buy up of distressed assets."
	\|-		\|-
	\|July 12th, 2022 11:09:00 AM MDT		\|July 12th, 2022 11:09:00 AM MDT
Line 213:		Line 217:
	\|Asset Sale Scheduled		\|Asset Sale Scheduled
	\|A report by Bitcoin News shares that the Celsius bankruptcy asset sale is scheduled. There is speculation that the CEO of FTX may bid<ref name="newsdotbitcoin-10038" />.		\|A report by Bitcoin News shares that the Celsius bankruptcy asset sale is scheduled. There is speculation that the CEO of FTX may bid<ref name="newsdotbitcoin-10038" />.
			\|-
			\|October 6th, 2022 4:30:00 AM MDT
			\|Celsius Executives Cashed Out Funds
			\|News reports from Gizmodo allege that multiple Celsius executives cashed out funds in anticipation of the collapse. It's reported that between $17m USD and $23m USD worth of funds were cashed out in the days just prior to the collapse of the platform<ref name="gizmodo-10036" />. "he two execs who pulled out the combined $17 million in crypto were former CEO Alex Mashinsky and former Chief Strategy Officer Daniel Leon. Mashinsky resigned as CEO in September, but is still at the center of the investigation over whether Celsius was little more than a Ponzi Scheme—something that over 40 states are currently looking into. Leon resigned just yesterday.
			"
	\|-		\|-
	\|October 16th, 2022 1:00:08 AM MDT		\|October 16th, 2022 1:00:08 AM MDT
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	<ref name="coffeebreakyttwitter-8948">[https://twitter.com/coffeebreak_YT/status/1546904563160055809 CoffeeZilla - "Voyager is trying to sell people this "chapter 11 bankruptcy-reorg", and hide the fact that under bankruptcy law, a company that describes itself as a "BROKER", cannot do CH11." - Twitter] (Aug 31, 2022)</ref>		<ref name="coffeebreakyttwitter-8948">[https://twitter.com/coffeebreak_YT/status/1546904563160055809 CoffeeZilla - "Voyager is trying to sell people this "chapter 11 bankruptcy-reorg", and hide the fact that under bankruptcy law, a company that describes itself as a "BROKER", cannot do CH11." - Twitter] (Aug 31, 2022)</ref>
	<ref name="reddit-9134">[https://www.reddit.com/r/Bitcoin/comments/xtyell/jail_he_should_be/ Jail he should be. : Bitcoin] (Oct 3, 2022)</ref>		<ref name="reddit-9134">[https://www.reddit.com/r/Bitcoin/comments/xtyell/jail_he_should_be/ Jail he should be. : Bitcoin] (Oct 3, 2022)</ref>
	<ref name="proactiveinvestors-9280">https://www.proactiveinvestors.ca/companies/news/986546/celsius-user-funds-remain-in-the-balance-as-partial-debt-repaid-986546.html (Oct 19, 2022)</ref>		<ref name="proactiveinvestors-9280">[https://www.proactiveinvestors.ca/companies/news/986546/celsius-user-funds-remain-in-the-balance-as-partial-debt-repaid-986546.html Celsius’ user funds remain in the balance as partial debt repaid - Proactive Research] (Oct 19, 2022)</ref>
	<ref name="nytimes-9831">[https://www.nytimes.com/2022/09/13/technology/celsius-network-crypto.html Celsius Network Plots a Comeback After a Crypto Crash - The New York Times] (Nov 30, 2022)</ref>		<ref name="nytimes-9831">[https://www.nytimes.com/2022/09/13/technology/celsius-network-crypto.html Celsius Network Plots a Comeback After a Crypto Crash - The New York Times] (Nov 30, 2022)</ref>
	<ref name="gizmodo-10036">[https://gizmodo.com/celsius-execs-cashed-out-bitcoin-price-crypto-ponzi-1849623526 Celsius Execs Cashed out $17 Million Before Halting Withdrawals] (Dec 15, 2022)</ref>		<ref name="gizmodo-10036">[https://gizmodo.com/celsius-execs-cashed-out-bitcoin-price-crypto-ponzi-1849623526 Celsius Execs Cashed out $17 Million Before Halting Withdrawals - Gizmodo] (Dec 15, 2022)</ref>
	<ref name="newjerseyattorneygeneral-10037">[https://www.nj.gov/oag/newsreleases21/Celsius-Order-9.17.21.pdf Celsius Cease and Desist Order - State of New Jersey Bureau of Securities] (Dec 15, 2022)</ref>		<ref name="newjerseyattorneygeneral-10037">[https://www.nj.gov/oag/newsreleases21/Celsius-Order-9.17.21.pdf Celsius Cease and Desist Order - State of New Jersey Bureau of Securities] (Dec 15, 2022)</ref>
	<ref name="newsdotbitcoin-10038">[https://news.bitcoin.com/bankrupt-crypto-lender-celsius-asset-sale-is-scheduled-sources-say-ftx-ceo-may-bid/ Bankrupt Crypto Lender Celsius' Asset Sale Is Scheduled, Sources Say FTX CEO May Bid – Bitcoin News] (Dec 15, 2022)</ref>		<ref name="newsdotbitcoin-10038">[https://news.bitcoin.com/bankrupt-crypto-lender-celsius-asset-sale-is-scheduled-sources-say-ftx-ceo-may-bid/ Bankrupt Crypto Lender Celsius' Asset Sale Is Scheduled, Sources Say FTX CEO May Bid – Bitcoin News] (Dec 15, 2022)</ref>
	<ref name="coinmarketcaptwitter-10164">[https://twitter.com/CoinMarketCap/status/1536246819436601344 CoinMarketCap - "Celsius has suspended ALL withdrawals, swaps and transfers — blaming 'extreme market conditions'" - Twitter] (Jan 6, 2023)</ref>		<ref name="coinmarketcaptwitter-10164">[https://twitter.com/CoinMarketCap/status/1536246819436601344 CoinMarketCap - "Celsius has suspended ALL withdrawals, swaps and transfers — blaming 'extreme market conditions'" - Twitter] (Jan 6, 2023)</ref>
	</references>		</references>

Azoundria: Another 30 minutes complete.

2023-06-07T21:29:12Z

Another 30 minutes complete.

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