What happened
Quick Summary
Celcius Network filed Chapter 11 bankruptcy after a month of halting the services. The approximate budget hole reached 1,190,000,000 $USD.
Details of the Exploit
Celsius is a centralized exchange and borrowing and earning protocol. Celsius Network filed for Chapter 11 bankruptcy on 13 July. The day after, it listed a 1,190,000,000 $USD deficit on its balance sheet.
The liabilities of the Celcius reached 5,500,000,000 $USD when their assets were valued at 4,300,000,000 $USD. The project halted operations on the platform a month before an announcement, citing "extreme market conditions".
Case & protocol details
Classification
CeFi,Borrowing and Lending
Protocol Type
Exit Scam/Other
Affected asset / contract
CEL
Official Website
celsius.network/
Protocol Twitter/X
@https://mobile.twitter.com/CelsiusNetwork
Evidence & learning
Sources and on-chain records
- report Report phemex.com
- report Post-mortem rekt.news
- report Report mobile.twitter.com
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