/ Conviction Index / Celsius / CEL (Defunct 2022)

Celsius / CEL (Defunct 2022)

Defunct · CEL · Launched 2017; bankrupt Jul 2022
F

Critical (F) — Conviction Grade

Celsius Network was a major centralized cryptocurrency lender. Filed Chapter 11 July 2022 owing $4.7B+ to customers. Founder Alex Mashinsky convicted of fraud and market manipulation, sentenced to 12 years in federal prison (Q2 2025). Cautionary example of CeFi yield-product structural risk.

15
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Protocol Security
F
Governance Decentralization
F
Liquidity
F
Adoption & Utility
F
Regulatory Posture
F
/ Public-Record Events

Key events & disclosures.

  • Founded 2017
  • Chapter 11 bankruptcy Jul 2022
  • Mashinsky conviction 2024
  • 12-year sentence Q2 2025

/ Best for

Not relevant. Cautionary example.

/ Watch out for

CeFi yield-product structural risk demonstrated. Verify any CeFi yield offering's reserve composition and custody arrangements.