Celsius Network was a cryptocurrency lending and borrowing platform that allowed users to earn yield on crypto deposits and take out crypto-backed loans. Founded in 2017 and headquartered in Hoboken, New Jersey, the company grew to over 1.7 million customers before freezing withdrawals in June 2022 amid extreme market conditions. Celsius filed for Chapter 11 bankruptcy on July 13, 2022, reporting a $1.2 billion balance-sheet shortfall. The company emerged from bankruptcy on January 31, 2024, and shut down its apps on February 29, 2024, completing the winding down of operations.
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