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The Celsius Meltdown: From $12 Billion in Assets to a 12-Year Sentence
In this episode of pplpod, we dive into the dramatic rise and catastrophic collapse of Celsius Network, the cryptocurrency lender that once managed nearly $12 billion in assets. Founded in 2017, Celsius promised users high yields—sometimes up to 17%—on their crypto deposits, positioning itself as a modern alternative to traditional banking.
Join us as we break down:
• The Freeze: How "extreme market conditions" led Celsius to indefinitely pause all transfers and withdrawals in June 2022, triggering a slide in Bitcoin and Ethereum prices.
• The Bankruptcy: The details behind the company’s Chapter 11 filing, which revealed a $1.2 billion deficit and left 1.7 million customers wondering if they would ever recover their funds.
• The Allegations: Why a former investment manager and internal employees compared the company’s business model to a Ponzi scheme, and how a risk team warned that the strategy was "destined for failure".
• The Aftermath: The company’s 2024 exit from bankruptcy, the shutdown of its app, and the legal fate of former CEO Alex Mashinsky, who was sentenced to 12 years in prison for fraud and market manipulation.
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By pplpodIn this episode of pplpod, we dive into the dramatic rise and catastrophic collapse of Celsius Network, the cryptocurrency lender that once managed nearly $12 billion in assets. Founded in 2017, Celsius promised users high yields—sometimes up to 17%—on their crypto deposits, positioning itself as a modern alternative to traditional banking.
Join us as we break down:
• The Freeze: How "extreme market conditions" led Celsius to indefinitely pause all transfers and withdrawals in June 2022, triggering a slide in Bitcoin and Ethereum prices.
• The Bankruptcy: The details behind the company’s Chapter 11 filing, which revealed a $1.2 billion deficit and left 1.7 million customers wondering if they would ever recover their funds.
• The Allegations: Why a former investment manager and internal employees compared the company’s business model to a Ponzi scheme, and how a risk team warned that the strategy was "destined for failure".
• The Aftermath: The company’s 2024 exit from bankruptcy, the shutdown of its app, and the legal fate of former CEO Alex Mashinsky, who was sentenced to 12 years in prison for fraud and market manipulation.