Celsius Network
Crypto Lending Network
Company Overview
Snapshot
Founded in July 2017 by Daniel Leon, Celsius Network operated with 51–200 employees. The company raised a total of $428.8M across three funding rounds from five investors. In October 2021, Celsius Network announced an investment led by WestCap and Caisse de dpt et placement du Qubec (CDPQ) at a valuation over $3 billion.
Business overview
Celsius Network developed a platform for crypto lending and earning, accessible via a mobile application. This modern platform aimed to provide members with curated financial services not typically available through traditional financial institutions. It enabled crypto holders to earn rewards by transferring coins to their Celsius Wallet and to borrow USD against their crypto collateral at competitive interest rates. The company operated within the Fintech & Insurtech sector, focusing on lending and financing, digital wallets, and cryptocurrency.
Strategic signal
In May 2025, Celsius Network founder Alex Mashinsky was sentenced to 12 years in prison for crypto fraud. This development highlights the severe legal and operational challenges that led to the company's non-active status and underscores the significant regulatory and ethical risks within the cryptocurrency lending space, sending a strong cautionary signal to investors regarding due diligence in the sector.
Log in to access full profile ›Company Intelligence Q&A
- What was a significant legal development for Celsius Network's founder?
- In May 2025, Celsius Network founder Alex Mashinsky was sentenced to 12 years in prison for crypto fraud.
- What was the outcome of the bankruptcy proceedings regarding customer deposits?
- In January 2023, a U.S. judge ruled that Celsius Network owned most customer crypto deposits, a significant decision impacting creditors during the bankruptcy process.
- What was a key operational change for Celsius Network in mid-2022?
- In July 2022, Celsius Network laid off a quarter of its employees amidst financial difficulties, indicating significant operational restructuring.
- Which firm was selected to manage the new entity for Celsius creditors?
- In May 2023, Celsius announced Fahrenheit, LLC as the winning bidder to manage the new entity that would be owned by Celsius creditors.
- When did Celsius Network's CEO resign?
- In September 2022, the CEO of Celsius Network resigned during the company's bankruptcy proceedings.