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Celsius Network

Crypto lendingUSA
💀 Dead / Bankrupt
Peak $3 BillionToday
~-100%
from peak
  1. 🦄
    Became a unicorn
    ~Nov 2021
  2. 📈
    Peak valuation
    $3 Billion ’21
  3. 💔
    Became a Unitard
    Jul 2022
  4. 💸
    Last valuation
    ~$0
Current status
Chapter 11 (2022); wound down

How it happened

Celsius Network was a US crypto lending and yield platform valued at about $3B in 2021. It promised high returns on crypto deposits but ran a risky, illiquid balance sheet. Amid the 2022 crypto downturn, Celsius froze customer withdrawals and filed for Chapter 11 bankruptcy in July 2022, later winding down. Its founder faced fraud charges, and the firm's value was effectively wiped out.

Source: Cleary Gottlieb