Celsius Network Review and Referral Benefits (defunct)
Update [Apr 2023]: Celsius goes up for auction in New York
Update [Jul 2022]: Celsius has filed for Chapter 11 Bankruptcy Protection. See ‘Notable developments’ section below
WARNING!
On 13 Jun 2022, at around 10am Singapore time, Celsius announced it was pausing all withdrawals, swap, and transfers between accounts.
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”
“Acting in the interest of our community is our top priority. In service of that commitment and to adhere to our risk management framework, we have activated a clause in our Terms of Use that will allow for this process to take place. Celsius has valuable assets and we are working diligently to meet our obligations.”
“We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets. Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.”
This is alarming news to account holders.
There is speculation that Celsius Network is having liquidity issues to cover interest, customer withdrawals.
Removing the referral code and links from this page till there is more clarity on the situation.
Table of Contents
Company
Made with 🧡 by HODLers, for HODLers.
Celsius, headquartered in London, was founded in 2017 by Alex Mashinsky, to provide fair and transparent services that have been abandoned by banks - fair interest, low rates for loans, zero fees, and lightning quick transactions.
Celsius is not a bank, depository institution, custodian or fiduciary and the assets in your Celsius account are not insured by any private or governmental insurance plan (including FDIC or SIPC), nor are they covered by any compensation scheme (including FSCS).
Registered as a Money Services Business (MSB) number 31000192265811 with the US Financial Crimes Enforcement Network (FinCEN).
Investors
- Celsius Network’s Series B was expanded to $750 million, up from $400 million at a $3.25 billion valuation announced October. [Nov 2021]
- Celsius announced a US $400 million funding round led by Westcap and CDPQ, valuing the company at US $3 billion. [Oct 2021]
Key metrics
- paid more than $1 billion in digital assets to its community of 1.2 million users [Nov 2021]
- $25+ billion in crypto assets [Oct 2021]
- Celsius reaches 1M users and $20B+ in community assets [Sep 2021]
Notable developments
- Celsius goes up for auction in New York [Apr 2023]
- CEO Alex Mashinsky submits a letter of resignation to the company’s Board of Directors [27 Sep 2022]
- Celsius Email List Stolen [Jul 2022]
- list of its users' email addresses was stolen by a Customer.io employee on 30 June 2022.
- the employee then sent those addresses to an unnamed, malicious third party.
- Customer.io provides an automated messaging platform
- statement by Customer.io here
- voluntarily filed petitions for Chapter 11 reorganization [13 Jul 2022]
- A total of eight Celsius-related entities are declaring bankruptcy.
- $1.2B Hole in Balance Sheet
- Celsius said it had $167 million in cash “to support certain operations during the restructuring process.”
- more than 100,000 creditors in its petition. The petition names Pharos USD Fund SP and Pharos Fund SP as its largest unsecured creditor, with an unsecured claim of approximately $81 million. Other named creditors include ICB Solutions, The Caen Group LLC, Alameda Research, B2C2, and Covario AG, among others.
- Chapter 11 bankruptcy allows a company to continue operations while meeting its obligations to indebted parties. This is usually executed by proposing a plan of reorganization to be approved by creditors and overseen by a legal team.
- Youtube video released by Celsius explaining Chapter 11 can be found here
- Celsius announced it was pausing all withdrawals, swap, and transfers between accounts [13 Jun 2022]
- Celsius token tanks 70% in 1 hour after the announcement from $0.49 to $0.15.
- Celsius increases Bitcoin mining investment to $500 million [Nov 2021]
- Debut of CelsiusX, the DeFi engineering arm of Celsius to launch projects that bridge CeFi and DeFi. [Nov 2021]
Presence in Singapore
Unknown
Regulation by Monetary Authority of Singapore (MAS)
Unknown Status
Risk disclosure
Social media
- Facebook: Celsius
- Youtube: Celsius Network
Earning Rates
Earning Rates are updated weekly.
Ecosystem
Borrow
Keep your crypto by borrowing against it and instantly access the funds you need. Note that the collaterals used to borrow against will not earn any interest.
CEL token
Meet CEL. Think of it as a rewards program, with actual financial rewards like even higher earning rates and ridiculously low rates on loans.
- Up to 30% more rewards: Earn your weekly rewards in CEL and earn at rates up to 30% more.
- Up to 25% discount on loans: Pay your interest on loans with CEL for up to 25% discounts on all your interest payments.
- Earn 6.68% APY [Mar 2022]: HODL CEL and get paid 6.68% APY, weekly.
Loyalty system
There are five tiers of member statuses at Celsius, and the tier you are in is decided by the percentage of CEL tokens you hold in your portfolio.
Higher tier members will receive bonus CEL rewards and loan interest discounts.
Trading platforms
- Android
- iOS
- Web
✔️ Unique Selling Proposition (USP)
Frequent promo codes for bonuses
Celsius Network frequently launches campaigns where you can apply promo codes when depositing to get extra bonuses. Some promo codes are applicable for existing users too.
It appears promo codes can only be applied from the mobile app and not the web platform. Learn how to apply promo codes:
Social login
Conveniently login with Apple, Facebook, Google and Twitter accounts.
Zero fees
No withdrawal fees, no transfer fees, no transaction fees, no early termination fees, no origination fees, nothing!
❌ Drawbacks
Payouts only once a week
Reward payouts occur every Monday.
Notes
App platform has more features
Some features that are only found on the mobile platform:
- Application of promo codes.
- Enable/Disable 2FA security.