What happened to Celsius?

In the process, Celsius devastated its more than 500,000 users, many of whom lost their savings. Mr. Mashinsky resigned from the firm in September, calling his role “an increasing distraction.” When it filed for bankruptcy, about $4.7 billion in customer assets were frozen on the company’s platform.

Did Celsius use customers' money to manipulate the market?

The criminal case, brought by federal prosecutors in Manhattan, added that Celsius also used some customers’ money to manipulate the market for a cryptocurrency token called CEL. This, they said, allowed Celsius to sell its own holdings of the token at prices that exceeded its market value.

Is Celsius a security?

Both the charging documents from New York federal prosecutors and the SEC complaint also describe Celsius’ exchange token as a security. The definition of a security and the SEC’s oversight over crypto markets has been hotly contested by other crypto exchanges in recent months.

Is Celsius a good crypto bank?

Founded in 2018, Celsius rose to prominence as a kind of crypto bank that promised customers sky-high interest rates and handled tens of billions of dollars in deposits before it collapsed last year.