Celsius US Holding LLC CFPB Complaints

2000 Latest Complaints

Date Received	Timely Response	Product	Issue	State / Zip	Submitted Via	Tags
08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	MD 20910	Web
I have been unable to withdraw my crypto deposits since XX/XX/XXXX, which are worth in excess of {$110000.00} at today 's prices. I have attached my proof of funds. I want the courts, and regulators, to use all available avenues to recover as much of my funds as possible, investigate crimes that may have taken place, and have Celsius ' terms of service overturned as fraudulent. What's happened is fairly well reported by now, but here is my understanding. You can find this information on XXXX XXXX XXXX XXXX XXXX XXXX On XX/XX/XXXX, in a blog post entitled XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Celsius addressed rumors that the company had lost client funds by making poor investments and that it was facing a liquidity crisis. The company dismissed these rumors as the actions of " vocal actors spreading misinformation ''. The blog post denied claims that Celsius sustained significant losses as a result of thecollapse of XXXX the preceding month. On XX/XX/XXXX, during his weekly XXXX XXXX XXXX XXXX XXXX session on XXXX, XXXX XXXX, Celsius 's CEO, denied that Celsius was having problems with clients ' access to their funds and he suggested that its critics were being paid by competitors. XXXX said on the live stream, " Celsius has billions in liquidity, right, and we provide immediate access to everybody '' .Around this time, XXXX was questioning skeptical commenters on XXXX, accusing them of spreadingfear, uncertainty, and doubtabout Celsius. On XX/XX/XXXX, the company paused all customer withdrawals " in order to stabilize liquidity and operations '', citing " extreme market conditions. '' XXXX XXXX XXXX XXXX XXXX That same day ( XX/XX/XXXX ), Celsius deleted a blog post that I had relied on to make my decision to invest my crypto with Celsius, entitled " Celsius Network is XXXX XXXX XXXX XXXX. '' You can read this article here XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX In this article, Celsius describes how, unlike XXXX, you can withdraw your funds at any time, and they will never be frozen, and how their terms are different from XXXX 's. Yet, Celsius froze my funds for a month, BEFORE declaring bankruptcy. Unbeknownst to me, they had also changed their terms and conditions to be almost EXACTLY like the XXXX 's terms and conditions they railed against WITHOUT correcting the record ( and XXXX post, as I mentioned in my letter, was online through XX/XX/XXXX! ) Meanwhile, their XXXX XXXX XXXX continued to tell depositors that they were " safer than a bank. '' And in their post XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX' they claimed they were solvent and had the funds to meet withdrawal requsts. I relied on that post and to keep my money with Celsius. Clearly, that was a lie. XXXX XXXX should not be able to conduct a standard XXXX XXXX XXXX with XXXX XXXX continuing as the CEO, as if this were a legitimate operation. Instead, their CEO, XXXX XXXX, needs to be investigated criminally, and clawbacks need to be expanded to management who misled investors and potentially to depositors who withdrew while the company was insolvent. There is emerging information that insolvency started a long time ago, perhaps last summer, particularly when accounting for the XXXX XXXX XXXX token and the company 's manipulation of it to paper over the balance sheet hole. Celsius and its CEO, XXXX XXXX, defrauded their customers through constant statements, including weekly XXXX 's XXXX XXXX XXXX XXXX XXXX where statements directly contradicted reality. For examples, see : XXXX XXXX XXXXXXXX XXXX has tweets with concrete examples ; a recent tweet sums it up what's going on here ; " The difference between XXXX @ XXXX and XXXX XXXX XXXX At least XXXX was stating he was running a hedge fund, while XXXX said he was running safe crypto savings accounts earning yield through safe investments. # XXXX '' Celsius ' terms and conditions should be overturned as fraudulent because the CEO 's public statements consistently contradict the terms as written, and XXXX lied to his investors repeatedly. Celsius continued to solicit new deposits with full knowledge they were insolvent and could not survive a " run on the bank, '' up through the week when withdrawals were halted. Yet, XXXX had told customers in an XXXX that a " run on the bank '' was impossible because Celsius only engages in over-collateralized lending ( this was later shown to be a lie in their bankruptcy filing, where they were forced to reveal their true operation. ) In addition to the XXXX account I mentioned, you can find some of XXXX XXXX 's lies in the documenting-fraud channel here, and more are coming to light every day as people pour over his statements : XXXX XXXX XXXX I believe Celsius was operating an illegal, unlicensed hedge fund through their so-called " earn '' and " borrow '' programs, which was billed as a " bank. '' Their rates were quite modest for most deposits, and they made us believe that they were doing over-secured loans to institutions to get these low yields ; really, they were gambling with our money. XXXX XXXX talked about Celsius as " safer than a bank '' constantly, and the company referred to itself as a bank that took " deposits '' and sent " withdrawals '' like a bank ; not a high-risk hedge fund that profits only him and shareholders, and where we bear the burden when the bets go wrong. This approach sort of worked in a bull market, though not really ( they made bad bets and lost more than they'd have made just holding the crypto ; a " hole '' appeared ; they tried to trade their way out and lost even more ... a classic Ponzi tale. ) Because the balance sheet was secret, and it's a private company, it didn't become exposed that there was a hole in Celsius ' balance sheet until they froze withdrawals during a " run on the bank '' ( which couldn't happen, according to XXXX, because all loans were over-collateralized. That was another lie. ) By then, it's clear the hole had long-since been there ; they'd been paying off new customers with old customers ' deposits for a very long time by the time they froze funds. They also partly papered over their hole on their balance with the " CEL '' token, which is a very low-liquidity token that the company manipulated to have a high market cap by hoarding most of the supply, so that they would appear to be less insolvent. This token was also used by XXXX and his wife to enrich themselves at the expense of depositors. And it is documented that XXXX XXXX, along with his wife, cashed out the token while telling customers to buy. This token was registered with the XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX A full investigation should be done into the crypto trading and losses ( to make sure funds weren't stolen, and also the CEL token, the employee program to buy and sell it, and the liquidity provisioning in particular, which the company controlled. ) It is my view, from what I know, that Celsius should be declared a Ponzi as of the date the company became insolvent, perhaps as early as the summer of XXXX A forensic analysis of all their operations needs to be conducted, to ensure they haven't stolen customer funds. Withdrawals after the insolvency date should be clawed back to even out the pain we all have to endure because they were using new customers ' funds to " pay off '' old customers who withdrew for a long time ; a classic Ponzi. In addition, I believe Celsius CEO XXXX XXXX committed fraud and other crimes and should be personally liable for the conduct that took place. All this said, I do not support a fire sale liquidation scenario, because that will just hurt customers more ; we are already hurting enough, and there are industry players offering better solutions than selling our crypto into a bear market to hedge funds and other vultures, such as XXXX XXXX and XXXX XXXX XXXX XXXX In addition, there is value in a lot of the company 's illiquid assets, such as mining, that require XXXX XXXX and competitive bidding for a good outcome. What I am asking for is regulators to help customers get a good outcome from a bad situation, and that starts with getting XXXX XXXX removed as CEO. XXXX XXXX needs to be removed as CEO, and criminally investigated. The sooner someone competent who is not a scam artist and criminal can be appointed to run the company, and the more we can recover through clawbacks of fraudulent transfers, the more the creditors ' committee and the trustee can work to recover for depositors and re-organize the company under new management, with a new brand, into a properly regulated, compliant, and trustworthy entity. I will also add Celsius substantively implemented the settlement that XXXX made with the SEC. This settlement grandfathered non-accredited investors into the Earn program and made people think Celsius ' new " custody '' ( for non-grandfathered deposits ) was safe, and that the SEC had reviewed crypto lending platforms and at least allowed them to continue operations. But because Celsius didn't implement true custody, it is now a mess. I think this was with good intention, but unfortunately, it seems to have backfired. For one analysis of this issue, see XXXX XXXX XXXX XXXX I am happy to do more research and get you anything you need ; there are a huge number of depositors hurting. I encourage you to read the letter to XXXX XXXX here ; a lot of what you need to know is contained there : XXXX XXXX XXXX XXXX XXXXXXXX
11/07/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web
XXXX XXXX. XXXX XXXX XXXX ) XXXX XXXX XXXX XXXX XXXX : My name is XXXX XXXX XXXX and I have about XXXX XXXX XXXX trapped on the Celsius Network website since XX/XX/2022, when the same company decided to suspend withdrawals without any warning. The same company on XX/XX/2022 declared bankruptcy appealing to XXXX XXXXXXXX of the American constitution. I dispute the claims made by the company Celsius Network and its XXXX XXXX XXXX XXXX regarding the reasons for the suspension of withdrawals by customers for a drastic " market downturn ''. This statement is a pure mention given by the fact that Celsius Network has always claimed to be a company that offered secured loans to financed clients, thanks to other depositing clients and that in return received part of the required interest in the form of an XXXX return on the collateralized amounts. in cryptocurrencies. This has always been said, posted in forums and on the website, and claimed to all Celsius Network customers. However, these claims and publications were not an accurate description of what Celsius was actually doing. Conversely, Celsius Network, with XXXX XXXX XXXX at the helm, has adopted high-risk lending, staking and investing strategies in cryptocurrency ( known to be a highly volatile and extremely risky market ). These are the real causes that forced the Celsius company to suspend withdrawals from their platform and seek bankruptcy protection. This is not a case of market downturn, but of pure human greed, especially as regards XXXX XXXX XXXX himself. Many other companies have applied the same business model as Celsius, such as XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX as well as many others, all facing the same market downturn difficulties, but without suspending withdrawals. or ask for bankruptcy protection. They continued to operate and are still active today. The difference between these companies and Celsius Network has been the appropriate investment and risk mitigation strategies to protect client funds. In essence Celsius Network, under the leadership of XXXX XXXX XXXX, played with clients ' money without a coherent strategy making risky investments while always and repeatedly assuring all clients that their funds were safe and that the risk was minimal. or null. As a result of these deceptive practices by Celsius Network and its CEO XXXX XXXX, I have some requests for the Court : The removal of XXXX XXXX XXXX and the entire board of directors of Celsius Network itself immediately, based on the litany of lies they have told about the safety of the funds. These people are unwilling to protect their customers, only to avoid any potential criminal liability for fraud ; Absolute ban to operate in the Celsius Network company to XXXX XXXX XXXX himself, as well as to the whole board of directors who are the people who thought and created this fraud and consequently are the last people who should try to recover all the deposits of cryptocurrencies in our portfolios ; Analysis of all financial transactions and operations carried out in recent months and years by Celsius Network and its board of directors in order to discover and highlight the entire fraud and Ponzi scheme ; Likewise, you are requested to delete or disregard the Terms of Use and the information contained on the website in their entirety because they are inconceivable and incompatible with the true activities of Celsius Network and XXXX XXXX. The same have declared and published multiple lies and untruths and now they want to appeal to their own Terms of Use which are void precisely because they are in contrast with the real activity carried out. The Celsius Network Terms of Use are not truthful when compared with what Celsius Network and XXXX XXXX XXXX have always and repeatedly publicly declared, statements that have been found to be largely, if not entirely, false ; I request an investigation into how it is possible that a company such as Celsius Network can operate as a hedge fund even if it is not registered and without anyone being able to do anything. Celsius claimed it was " not a bank '', but in theory it operated as a bank and hedge fund, borrowing client money and assets and lending them to other users or institutions ; That all creditors ' repayment payments are made in the same form of investment and type of cryptocurrency and not in fiat money ; That the SIg. XXXX XXXX and his entire management team are prosecuted for designing, creating and managing a PONZI scheme. XXXX XXXX We all thought that our funds and investments were safe because this is what we were always and repeatedly told by Celsius Network and XXXX XXXX XXXX, even a few days before withdrawals were suspended. Celsius claimed for years that it was solvent, even XXXX hours before they blocked withdrawals, XXXX XXXX XXXX ( CEO ) said, in a video, that there was no problem and that the company had all the funds to cover creditors. and detractors if there was a run on the company 's branches. Thank you for taking the time to read these notes and all the other letters I have read and which have been sent and included in the Court documents. Today XX/XX/2022 I received an email from Celsius, that is Important reminder for all users where it confirms its decision to pause withdrawals. I hope you can find the best possible solution for everyone who is hostage to Celsius Network. XXXX XXXX XXXX XXXX XXXX
08/16/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	CA 95060	Web
Celsius Network, a XXXX company, has taken my money and now refuses to give it back. In total they took a bit more than {$200000.00} from me, as valued at the points when I deposited my assets with them. On XX/XX/XXXX, Celsius Network stated on their official blog that " Celsius has the reserves... to meet obligations, as dictated by our comprehensive liquidity risk management framework. '' But only XXXX days later on XX/XX/XXXX, Celsius froze all user funds and declared bankruptcy thereafter, with a giant hole in their balance sheet. https : XXXX Over the years, Celsius and their XXXX XXXX XXXX have made many fraudulent claims relating to the nature of their business. Here are some of his fraudulent claims : * XXXX XXXX, XX/XX/XXXX : " Celsius does not do non-collateralized loans. Celsius will not do that because that would be taking too much risk on your behalf. '' * XXXX XXXX, XXXX XXXX, XXXX : " A run on the bank can not happen at Celsius because Celsius never lends more than what it has. Right. We can not do - legally, we're not allowed to create money or do fractional reserve. So at any moment, we always have enough coins and enough collateral and so on to return all the assets to all of our users. And every day we have a process, the daily reconciliaton process, where our team, like XXXX or XXXX people, get on a call and grind through all the tokens and all the coins and make sure that we have more coins than what we owe the community. That's our process... '' * XXXX XXXX, XX/XX/XXXX : " Celsius takes full responsibility. If anything goes bad, we take full responsibility... what's important for you to know is okay, at least if something goes wrong, are these people going to stand behind, or are they going to say sorry, I don't cover it, it's your loss, sorry, goodbye, you know, take it or leave it, and so on... Celsius was tested, every year we were tested several times. Sometimes the market dropped XXXX XXXX. Celsius did good, yep, Celsius did good. '' * XXXX XXXX, XXXX XXXX, XXXX : " Many people use this just as a safe place to store coins... gosh really, you know, the safest place for me to store my coins is on Celsius. '' * XXXX XXXX, XX/XX/XXXX : " We are what's called a XXXX strategy, we're not, Celsius does not bet on the market going up or down. Our job is just to take advantage of different prices for example, between future and spot ... '' * XXXX, XX/XX/XXXX : " The number XXXX question from people is are our funds safe in Celsius. Can you address that for the audience? '' XXXX XXXX : " Yes. So, not just that they're safe. Again, we provided anyone who wanted to withdraw partially or fully, there were no problems. '' * XXXX XXXX, XX/XX/XXXX : " We've seen that before, every drawdown is kind of the same thing. And when the markets come down everyone comes running back. Celsius has billions in liquidity, right, and we provide immediate access to everybody, anyone who needs access to it, to the liquidity, and that includes institutions, and that includes people who want to, you know, get their coins back, that includes people who are taking loans. '' XXXX XXXX XXXX directly assured me and other community members that our money would be safe and that Celsius was solvent. In retrospect, my money was handled unprofessionally with no real risk management, and Celsius appears to have been operating insolvent for quite some time. Celsius has lost a good portion of my money and refused to return the rest.
08/24/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	NY 10025	Web
I am one of the depositors in Celsius that has most of my life-saving funds currently locked in the platform. I am still feeling confused, having mental trauma and the current Celsius situation has gotten myself into a financial constraint that somewhat changed and restricted my usual day to day life. With that, I am seeking help urgently from you, as I am feeling helpless at this very moment. Most of the depositors, including myself have been misled in some way and thinking if there are any legal recourses in returning back the deposits, for myself or others who are depending heavily on the deposits to get our family and life going in the coming months. In the CEOAs weekly - Ask Me Anything meeting, we had been consistently communicated and made to believe our assets deposited in Celsius are safe as we were told those deposited assets are loaned out to big institutional investors, that was backed with over-collateralized assets while we can also withdraw our funds in full anytime. By that understanding, therefore majority of the depositors, including myself had been signed up. In fact, I placed all the fiat-term deposits into Celsius especially when XXXX said XXXX numerous times in XXXX how Celsius is even safer than a bank. During the filing of chapter XXXX on XX/XX/2022, many depositors including myself were caught off guardand we felt tremendously misled, as we came to know behind the scenes, various highrisks activities were involved in deploying our assets. In the XXXX XXXX filing document, Celsius declared the depositor assets had been XXXX for Market making, Swing Trading, Spot Trading and Cash & Curry activities involves trading and leveraging demand in future markets. All these activities were never clearly communicated and disclosed explicitly to us community or in the XXXX. Had we made known clearly, through an online hosted and transparent briefing of what those high-risks activities are, many of us, including myself would not have taken the risks in depositing our life-saving / retirement funds in it. Up to the days before the withdrawal pause on XX/XX/XXXX, XXXX was still lying around and telling everyone how safe the platform is, and that there was no problem at all if anyone wish for a full withdrawal. Due to this fraudulent behavior, I am now fully locked out of my XXXX ETH tokens and XXXX XXXX tokens -- worth about $ XXXX at the time of my investment ( now conveniently for Celsius only around {$10000.00} at the time bankruptcy was declared ), not to mention the amount of APY I was promised as a creditor to the tune of almost {$2000.00}.
08/15/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	OR 97520	Web
On XX/XX/2022 I found out that my Celsius Network digital asset account was frozen, and they would not allow me any access to sell, buy, swap, transfer or withdraw any funds, coins, collateral or rewards, essentially locking me out from accessing my property. At that time, my assets inside my Celsius account totaled roughly {$1.00} million in equivalent US Dollar value, and were comprised of XXXX, XXXX, XXXX, XXXX, XXXX and others. Just days before the freeze, the CEO of Celsius XXXX XXXX was boasting that all assets were completely safe and that everyone has complete access to their assets. Indeed, for years XXXX constantly boasted about how Celsius was safer than a bank -- suggesting that our assets were not only completely safe, but that we'd be utter fools to use banks instead of Celsius, especially with that " sweet yield '' we were earning. After XX/XX/2022 as an accredited investor I moved assets into CUSTODY to add an extra layer of safety to some holdings. Holding assets in CUSTODY meant that the assets were not earning any yield, and they could be readily accessible at any time. In early XX/XX/2022 I pledged approximately {$400000.00} in XXXX from CUSTODY to become collateral for a {$100000.00} USDC loan against my digital assets. This four to one ratio of collateral to debt ( 25 % LTC ) enabled me to gain some capital access at 2.95 % annual interest rate and most prominently allowed me to access some of the value of my appreciated coin valuations without selling any assets and incurring taxes. In summary, I have coins held in the EARN account, in the CUSTODY account, and pledged as collateral on a LOAN, which I would gladly pay off to rightfully recover possession of my digital assets. Not only is it now readily apparent that Celsius LIED to us extensively by taking massive undisclosed risks with our assets and covering up the truth of their beleaguered financial status, but after being exposed they are now using OUR assets to seek compensating themselves and paying attorneys to help exonerate them from their gross negligence and heinous acts of mismanagement and perhaps, extensive fraudulent and 'Ponzi scheme ' related activities. We find this to be terribly disturbing and blatantly illegal in many ways and feel it warrants a thorough investigation and prompt legal attention. Thank you for your ardent consideration in this serious matter.
08/02/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	TX 77406	Web
I've been a customer of XXXX XXXX since XXXX. I had deposited about XXXX ETH on their platform under their EARN program which promised a certain number of percentage yield depending on the amount and the coin. I also had some Bitcoin, Litecoin, and LINK coins on their platform as well. XXXX offered us loans using our cryptocurrency as collateral at low interest rates. On XX/XX/XXXX, I took a loan against my collateral of roughly XXXX ETH. On XX/XX/XXXX, due the a margin call, I decided to close out my loan and emailed XXXX requesting to close out my loan via USD payment. On XX/XX/XXXX, they responded by sending me instructions on how to send the wire of {$15000.00}. In the meantime, while the process of repayment was expected to take up to 5 days, I put up another XXXX ETH collateral to avoid the loan going into default as instructed by XXXX. Later that day, XXXX announced they were pausing withdrawals. As you already know, they would go on to file bankruptcy. I had every intention of paying the {$15000.00} off and even had submitted the wire through XXXX. I have confirmation that I sent to XXXX. THANK XXXX that it was late at night and it hadn't gone through yet so i was able to cancel it. Unfortunately, XXXX still took XXXX additional of ETH and locked it up without giving me the option to repay and release the ETH back to me. I wish I had withdrawn that ETH and went into default instead. Being an honest and responsible consumer who plays by the rules cost me that money. I'm a middle class guy and the ETH amounted to over $ XXXX at its point. This is part of me and my family 's retirement. I feel scammed and betrayed. The advertisements and marketing of XXXX was that we could always pull our money out and it was a super safe platform. There was no indication to me at all that they were at risk of anything until it was too late. It was described like it was a place I could place my money and earn interest similar to a savings account at a traditional bank except with better interest rates. It wasn't absurd. It was only 4-5 % that I was earning. Unfortunately, I would later learn that they were taking customer funds and essentially gambling it away. The founder and the company constantly advertised and stated publicly that you could withdraw your funds at any time just like a bank but here we are.
02/16/2023	Yes	Money transfer, virtual currency, or money service Mobile or digital wallet	Managing, opening, or closing your mobile wallet account	PA 15221	Web	Servicemember
I while ago last year sometime myself and others who keep/kept our money with Crypto lender Celsius were advised that our funds would be frozen and we would lose access to our wallets until the cypto market leveled out or they found a buy I am assuming. The message you get on the app, and the website make it sound like more of an inconvenience. We had been lead to believe that our accounts would be unlocked at some point once things were straightens out. At lease that was the hope.. There was even few stories floating around that we would be allowed to keep up to 94 % our our wallets. I was kinda okay with that. But now I think being okay with that is even preposterous. Leaving any currency with anyone with any fiduciary duty to my funds should and with the end user/customer whole. I would like ALL of my crypto back. If the IRS can tax my crypto they can go to bat to help me claw it back from unscrupulous bankers that have decided what to do with my money, because the market is not going the way they wanted it to go. The resolution I am seeking is all {$7100.00} of my digital assets from XXXX to Cel. I have included a schedule of the contents of my Celsius account. This is the epitome of unfair. I was actually a Celsius ambassador before all of this. The fact that they can just sell off other people 's assets with such recklessness is apprehensible. As stated above if the IRS can tax this stuff measures should be taken to protect those early adopter such as myself from those who would do use harm, and attempt to take money out of our pockets and food out of those under our care. {$7100.00} Celsius {$390.00} XXXX CEL XXXX XXXX CEL / {$390.00} XXXX {$5400.00} XXXX XXXX XXXX XXXX XXXX / {$5400.00} XXXX {$430.00} XXXX XXXX XXXX XXXX XXXX / {$430.00} USD Coin {$310.00} XXXX XXXX XXXX XXXX XXXX / {$310.00} XXXX {$300.00} XXXX XXXX XXXX XXXX XXXX / {$300.00} XXXX {$230.00} XXXX XXXX XXXX XXXX XXXX / {$230.00} XXXX XXXX XXXX {$50.00} XXXX XXXX XXXX XXXX XXXX / {$50.00} XXXX XXXX = {$1.00} XXXX % XXXX XXXX Price {$0.00} XXXX {$1.00} XXXX XXXXXXXX XXXX XXXX XXXX / {$1.00} XXXX {$0.00} XXXX XXXX XXXX XXXX XXXX / {$0.00}
08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	NY 11226	Web
Celsius Network LLC paused all customer funds withdrawn on XX/XX/XXXX. The company stated multiple times they should never do that and even did this before filing for bankruptcy before XX/XX/XXXX, so customer funds would be forced to be stuck in bankruptcy holding. This is a blatant false advertisement, and they would not even allow custody accounts to withdraw funds even though the money is not earning any yield. I have approximately XXXX XXXX stuck in custody, and I have a loan with Celsius for XXXX XXXX that I can not pay and withdraw funds from. My collateral is attached, yet they ask publicly via email to wire them more money without any promise to give collateral back on XX/XX/XXXX. This seems like an extortion of funds, and they are praying in fear for their customer to send them more funds. You can not even use your custody account to pay for your loan. If I have to give a failed company more money to pay off a loan, we may never access the funds ever again. This is a failure of legitimate business practices. There is a lot of fraud and abuse of customer funds that Celsius Networks owes its honest clients. XXXX XXXX XXXX XXXX - XX/XX/XXXX XXXX PM Dear XXXX XXXX This is to confirm that we have received an interest payment on your loan. Payment Date : XX/XX/XXXX XXXX PM Interest Amount Paid : XXXX XXXX XXXX XXXX XXXX in USD : {$11.00} Discount : {$0.00} Currency : XXXX Loan Number : XXXX Loan Amount : XXXX XXXX XXXX : 1.00 % Total Interest Outstanding : {$100.00} Next Interest Payment : {$11.00} Origination Date : XX/XX/XXXX XXXX AM Maturity Date : XX/XX/XXXX XXXX AM Current Collateral Balance : XXXX XXXX XXXX XX/XX/XXXX XXXX Transfer XXXX XXXX XXXX Yes XXXX XX/XX/XXXX XXXX Transfer XXXX XXXX XXXX Yes
08/02/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	XXXXX	Web
Celsius has been claiming for years to be solvent. Even 24 hours before they froze withdrawals XXXX XXXX told ( CEO ) told, in an XXXX video, that everything was ok. The company said numerous of times during the last 12 months that the company had all the funds to cover the creditors and depitors if a bank run would occur on the company. On XXXX the XXXX XXXX The company decided to halt withdrawals without a warning. On XX/XX/2022 the company filed for XXXX XXXX bankruptcy. I have some XXXX $ in XXXX and some Celsius tokens, which is worth around XXXX XXXX so i only have a small amount, but many people lost everything. Celsius claimed to be " not a bank '', but in theory it operated like a bank and a hedge fund. They borrowed the customers money and assets and they were lending it out to other users or institutions. Things that should be investigated : 1 ) how the company operated as an unregistred hedge fund. 2 ) XXXX XXXX told users he wasn't selling any Celsius token ( the native token on the platform ) despite selling for millions of USD even on the same week as he told customers otherwise. 3 ) whether or not Celsius was a ponzi scheme all along, since the company had a massive deficit which grew larger. Many customers question whether Celsius even was profitable at any point. 4 ) whether the new terms of agreement ( shortly before filing for bankruptcy ) applies, when their webpage tells other information eq : the webpage told it was lur crypto, but the terms of agreement stated Celsius owned the assets.
08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	CA 90028	Web
Good day, Thank you for taking the time this complaint further to Celsius debacle. The lack of transparency from Celsius and the blatant lies from its founder XXXX have led me to deposit my Bitcoin assets on a Celsius wallet, with the conviction I would be able to withdraw them whenever I wished to do so. While their Terms Of Services specified the assets held on an Earn account were the property of the Celsius platform, the funds on a Custody account were supposed to remain the property of the depositors, hence the possibility to withdraw them at any given time. Neither the market fluctuations, not the poor risk Management, or whatever other unacceptable excuses their Counsel can come up with, can go contradict their clear Terms Of Services. I exactly have XXXX BTC held on a Custody wallet and from XX/XX/2022, I have not been able to withdraw them. This goes exactly against their own Terms Of Services. The difference between an Earn account and a Custody account is also emphasized in the way the portfolios are displayed on their mobile app. Misleading the depositors a bit more. Thank you for your help as I am XXXX XXXX and stressed to recover my Bitcoin which I was promised were safe and easily accessible. Truly Yours,
07/14/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	NY 11201	Web
Deposited XXXX Ethereum, XXXX Bitcoin, XXXX Polygon, XXXX USD Coin, XXXX XXXX Dollars and XXXX XXXX into Celsius Network as loans ( in exchanged for " rewards '' /interest ) with the supposed ability to be able to withdraw the funds at any time. However, the funds ( approximately $ XXXX in market value ) are now completely frozen and unable to be withdrawn. I am filing a complaint as I believe that Celsius has been dishonest and fraudulent about what it was doing with the borrowed consumer funds, riskily trading without the proper controls. Celsius is deeply insolvent and lacks the assets and liquidity to honor its obligations to account holders and other creditors. Celsius deployed customer assets in a variety of risky and illiquid investments, trading, and lending activities. Celsius compounded these risks by using customer assets as collateral for additional borrowing to pursue leveraged investment strategies. Additionally, some of the assets held by Celsius are illiquid, meaning they may be difficult to sell, and a sale may result in financial losses I would like to find a way to be able to withdraw my money, as originally promised by the company per their terms and conditions.
08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web
RE : Celsius Network LLC, et al. Bankruptcy and locking user funds I have XXXX Ethereum ( Around XXXX $ ), Small amounts of Bitcoin, XRP, and other coins ( XXXX $ ) : These figures are based off the crypto markets around the time Celsius filled for bankruptcy on XX/XX/2022. I researched many companies and was led to believe this company was run by people with our best interests in mind. XXXX XXXX XXXX was vocal on social networks and explaining on weekly XXXX that his 'bank ' was a bank for the people and was working for the people. He guaranteed our money would be safe and even said this exactly 4 days before they locked funds. He said these statements on the XXXX XXXX XXXX XXXX XXXX According to others he also said it on many other channels. He sold it as a bank and mentioned nothing about it operating like an unregistered hedge fund. Now it's coming to court he is XXXX and saying he never sold it as a bank and that he was clear with everyone. He most certainly was not.
08/18/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	FL 324XX	Web
I opened an account with Celsius Network and transferred money into what I thought was a saving account with interest. The CEO of the company XXXX XXXX XXXX XXXX XXXX publicly assured customers like myself every week on XXXX that the funds are safe. What we did not know is that he used our money to fund other failing businesses. He tried to cover it up with new deposit. This is a clear definition of a XXXX Scheme. Celsius Network filed for bankruptcy and now all of our money are gone. XXXX XXXX XXXX and his associates are still playing around with this company and drawing substantial amount of salary every month using depositors ' cash. I hope that you would investigate this company and particularly XXXX XXXX XXXX and all of his associates in this matter. Hundred and thousand of depositors have lost their life savings because of them. This is another XXXX XXXX case. Thank you for your time and consideration.
08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Other service problem	FL 32548	Web	Servicemember
I took out 4 collateralized loans with Celsius and now that they are going through the XXXX XXXXXXXX process, I don't have access to funds in my account to pay for said loans to release my collateral, because they have frozen all assets. While I understand that at sometime businesses may have to go through a restructuring, I find it disturbing that a company locking up users assets are now asking that customers with loans coming to maturity should pay them by wiring money directly to them and customers are not allowed to pay these loans with assets in those same accounts. I have also asked with no response on the status of the collateral if I were to payoff said loan. This company has been mismanaged and now with the filing of XXXX XXXX, it is coming to light that they had potentially fraudulently misled many customers into losing their lives savings to the point of billions.
08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	NC 28540	Web	Servicemember
I have approximately XXXX XXXX that were stolen by Celsius. My account was supposed to be moved to a Custody Account after the XXXX regulated Celsius and told them only Accredited Investors can be in Earn accounts. I am not and don't meet Accredited Investor criteria, therefore I can not have an Earn account. XXXX XXXX the CEO of Celsius described Celsius as a safe investment ( like a bank ) versus how it really operated like an unregistered hedge fund and meets the criteria of a Ponzi scheme. Please ensure regulators are looking at this mischaracterization and how customers were defrauded. XXXX consistently said publicly and his AMAs that you could withdraw at any time, but that they went back on that for a month and then declared bankruptcy. Celsius and the CEO made false Material Statements for years that they had sufficient currency to withdraw while they were insolvent.
08/16/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	CO 80207	Web	Servicemember
I had stored cryptocurrency with Celsius Network. They are currently going through bankruptcy court and the findings ( XXXX XXXX XXXX ) show a clear pattern of fraud and Ponzi / pyramid scheme actions. My issue is that I was supposed to have a custody account, where the assets were held like at a custodian, in my name or the name of my business. They were not held that way and were instead part of the general bucket of asset which got traded away. There is potential with the bankruptcy court of custody accounts getting some money back, but their support won't answer emails or calls to correct my account. It was marked as custody when signed up, and I had asked to move it to custody before they froze withdrawals and before they filed for bankruptcy. I just need my account properly set as a custody version.
07/19/2022	Yes	Mortgage Other type of mortgage	Closing on a mortgage	XXXXX	Web
hello I borrowed money by offering XXXX as collateral to Celsius. They are providing a loan service, and even if they repay the borrowed money, they do not return the collateral. Why do I have to repay the borrowed money and why do I have to pay interest monthly if the collateral can not be recovered? It's too unfair. Celsius Network LLC Celsius Network LLC XXXX XXXX XXXX, XXXX, XXXX, NJ XXXX XXXX XXXX : XXXX XXXX Celsius Lending LLC- XXXX ID- XXXX XXXXXXXX XXXX XXXX XXXX XXXX Celsius Network LLC Celsius Network LLC XXXX XXXX XXXX, XXXX XXXX XXXX, NJ XXXX XXXX XXXX : XXXX XXXX XXXX XXXX LLC- XXXX ID- XXXX XXXX Consumer Access
10/02/2021	Yes	Money transfer, virtual currency, or money service Mobile or digital wallet	Managing, opening, or closing your mobile wallet account	XXXXX	Web
My account and that of my entire family was frozen, we applied to support. Over and over again We didnt receive a response, just automated emails stating that they would contact you within 24 hours or 48 hours. Its been over 60 days!! This is a shame, a company of this level of the digital and computer age, with so much technology and credibility, can not provide support to its customers. They simply lock the account, suspend and freeze your funds. And without any satisfaction! No return, no solution This is bad and embarrassing, feeling of helplessness.
08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web
I have been XXXX holder since 1 year. The CEO, XXXX XXXX said XXXX is safe and secure, safer than the bank!!! I put my crypto money on my XXXX account, XXXX XXXX $ Now its impossible to withdraw my crypto money from XXXX, XXXX has stolen my crypto. I want my crypto back. I am from XXXX, its a bad image of the US, if there is no solution to give back the money to the XXXX users. I have chosen celsius because its hold in the US, Iwill not choose it if it was in XXXX. Thank you to do the best,
06/16/2022	Yes	Checking or savings account Other banking product or service	Managing an account Deposits and withdrawals	MI 482XX	Web
I am a customer with Clesius, the crypto currency exchange that recently froze withdrawals. I had no loan products and only bought a stablecoin, USDC, which is pegged to the US dollar and has not been depegged. Celsius misled me when I deposited approximately {$5000.00} USD into their exchange with the promise that it could be withdrawn at will. My most recent balance is approximately {$5300.00} USDC. Attached is a recent spreadsheet of my account transactions from Celsius for proof of funds.
05/02/2022	Yes	Money transfer, virtual currency, or money service Mobile or digital wallet	Fraud or scam	XXXXX	Web
I have reported a cryptocurrency fraud to Celsius Network of which the scammed proceeds has been transferred into its platform. The case number assigned by Celsius was XXXX. However I have not heard back a single message from them since late XXXX despite my follow-up on the update of the investigation. Instead, my very own Celsius Network account was suspended. There was not any explanation either. Celsius Network is registered as a XXXX XXXX XXXX ( XXXX ) with number XXXX.
01/10/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	VA 23321	Web
I sent funds into account with Celsius on XX/XX/2022 in order to pay off my loan. Was having trouble with their app paying it off. Was waiting till Monday to speak with a representative. On XX/XX/XXXX they added the funds I sent over to pay for my loan. Into my my loan. Now they are saying I have to still pay the XXXX to release my funds. I sent money to pay for the loan they took that money and saying I basically have to pay twice this is completely unfair.
08/04/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	NY 117XX	Web
The owner of Celsius Network, XXXX XXXX, described Celsius like a bank but operated like an unregistered hedge fund with extremely risky investments. They then froze all withdrawals on XX/XX/2022. I currently have {$35000.00} with them and they have lost my money and froze my account. This is contrary to everything XXXX XXXX has stated in his XXXX videos even up tho the week he froze my account.
07/14/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web
On the XXXX of XXXX of 2022 Celsius blocked all accounts from transfers or withdraws. At the time I have XXXX btc, XXXX XXXX and XXXX usdc. They blocked all accounts leaving us costumers with no control over our assets. XXXX do not return my emails asking for access to my funds and did not answer my calls. I do not want any thing els than my life savings that they hold.
08/02/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web
I tried withdrawing my funds from the company but they didnt allow me to get my deposited funds back. The CEO of the company XXXX XXXX manipulated me and many others into thinking that our funds are safe and that the company operates as a bank, while instead of giving out loans with my money, they were investing in risky assets as unregulated hedge fund.
08/02/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	CA 95070	Web
Celsius has approximately XXXX of my assets, split between bitcoin, ethereum, and usdc, deposited over the course of the last 2 years. The company has claimed that withdrawals were available at any time, and they recently declared bankruptcy and my funds are now locked. I wrote a letter to the judge of the bankruptcy case as well.
08/02/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web
Celsius held my cryptocurrency, promising interest. They have prevented me from withdrawing my crypto, and have now field for bankruptcy. I was lead to believe that eg : >funds are held by third-party custodians such as XXXX and XXXX. Customers assets are protected by both companies, as safe as a bank.
06/20/2022	Yes	Money transfer, virtual currency, or money service Mobile or digital wallet	Fraud or scam	OH 43054	Web
I had {$18000.00} in XXXX XXXX Celsius, but they blocked my access to my money because they are having insolvency/liquidity issues. XXXX XXXX the CEO of Celsius has released several misleading and inaccurate statement regarding the solvency and safety of storing money with Celsius.
01/12/2024	No	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	CA 90068	Web

08/05/2023	No	Payday loan, title loan, or personal loan Pawn loan	Property was sold	FL 34432	Web

08/25/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	CA 90027	Web

08/24/2022	No	Payday loan, title loan, or personal loan Title loan	Loan payment wasn't credited to your account	XXXXX	Web

08/19/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	IN 47906	Web

08/18/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	NY 10598	Referral

08/10/2022	Yes	Checking or savings account Other banking product or service	Managing an account Deposits and withdrawals	VA 22209	Referral

08/10/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Other service problem	WV 26554	Referral

08/07/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web

08/04/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	NY 11211	Web

08/03/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	MA 01748	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	VA 20171	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	XXXXX	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	MD 21917	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	VA 22209	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	FL 33483	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	NY 11040	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	XXXXX	Web

08/01/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Fraud or scam	CO 80924	Web

07/21/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	CA 94523	Web

07/19/2022	Yes	Payday loan, title loan, or personal loan Personal line of credit	Problem with the payoff process at the end of the loan	CA 94506	Web

07/14/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Money was not available when promised	CA 90805	Web

06/23/2022	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	OK 73072	Referral

06/20/2022	Yes	Checking or savings account Savings account	Closing an account Funds not received from closed account	OH 43004	Web	Servicemember

06/13/2022	No	Money transfer, virtual currency, or money service Virtual currency	Other transaction problem	TX 77008	Web

04/26/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Other service problem	AZ 85653	Web

04/25/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Other service problem	NC 28205	Web

02/01/2022	Yes	Payday loan, title loan, or personal loan Installment loan	Getting the loan	TX 76502	Referral

10/22/2021	Yes	Money transfer, virtual currency, or money service Virtual currency	Other transaction problem	TN 38501	Referral

10/18/2021	Yes	Money transfer, virtual currency, or money service Virtual currency	Wrong amount charged or received	CA 92117	Web

09/16/2021	Yes	Money transfer, virtual currency, or money service Mobile or digital wallet	Managing, opening, or closing your mobile wallet account	MI 48186	Web