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KripZen

Celsius Network

Failure type
Insolvency
Date
June 2022
Reported loss
Withdrawals frozen for roughly $4.7B in customer assets (publicly reported estimate)

What happened

The crypto lending platform froze all customer withdrawals during a market downturn and filed for bankruptcy weeks later. Its founder was subsequently charged with, and later pleaded guilty to, fraud for misrepresenting the platform's risk to depositors.

What to take from it

A platform paying yield on deposits is taking risk with your money somewhere. 'Where' and 'how much' are the questions a safety review has to ask before the good times end.

Dates and figures are widely reported public estimates from coverage at the time, not KripZen's own audited data.

Where it sits on the record

The documented exchange failures we track, in the order they happened.

  1. 2014Mt. Gox
  2. 2015Bitstamp
  3. 2016Bitfinex
  4. 2016The DAO
  5. 2017Parity Multisig Wallet Freeze
  6. 2018BitConnect
  7. 2018Coincheck
  8. 2019Binance
  9. 2019Bitfinex / Crypto Capital
  10. 2019QuadrigaCX
  11. 2020KuCoin
  12. 2022Celsius Network (You are here)
  13. 2022Crypto.com
  14. 2022FTX
  15. 2022Ronin Bridge
  16. 2022Terra / LUNA
  17. 2022Three Arrows Capital
  18. 2022Wormhole
  19. 2023HTX (formerly Huobi)
  20. 2024DMM Bitcoin
  21. 2025Bybit