Celsius Network

Celsius stopped all of its estimated 500,000 users from withdrawing their money because of “extreme market conditions,” in June 2022 with no word on when it will be available again. As much as $8 billion in deposits is frozen. In the absence of federal action, regulators from at least five states have now stepped in to examine Celsius’s operations. The company’s own CEL token, launched in the fall of 2018 to help facilitate transactions, ended 2019 at just 14 cents — only the slightest improvement from the 10 cents it was worth the previous spring. In 2021 the company hired hundreds of people and moved its headquarters to Hoboken, N.J., in addition to offices in Britain, Serbia and Israel. The company has since struggled enough that at one point its offices were moved from Midtown Manhattan to Mashinsky’s home in the city. Celsius also invested in a crypto platform called BadgerDao, which in December 2021 was revealed to have been hacked to the tune of $120 million.