What happened
In June 2022 Celsius paused withdrawals, swaps and transfers. In July 2022 it filed for Chapter 11.
What failed
Users thought they could withdraw on demand. Their assets were exposed to lending and market risk inside a centralised company.
Current status
The original Celsius yield product is gone. Any distribution belongs to the court-supervised process.
What users should do
- Follow official bankruptcy notices rather than social-media payout rumours.
Lessons
- If a platform can pause withdrawals, your deposit is not cash in a wallet you control.