What Happened to Celsius — and to Users’ Money
Here’s the old Celsius link, kept for reference — it no longer leads anywhere useful.
Celsius Network let you deposit crypto and earn yield, because Celsius turned around and lent that crypto to institutional borrowers — hedge funds and similar large players looking for a source of crypto liquidity. The interest Celsius collected on those loans funded the rewards paid back to depositors. When crypto markets crashed in mid-2022 and some of Celsius’s lending/collateral positions went bad, the company froze withdrawals and filed for Chapter 11 bankruptcy on July 13, 2022, revealing it owed roughly $4.7 billion to users who could no longer touch their own deposits.
If you were one of those users: a bankruptcy court approved a restructuring plan in late 2023, and by January 2024 Celsius had distributed more than $3 billion in crypto and cash back to creditors — though not dollar-for-dollar against what people had deposited. The remaining claims became ownership stakes in a newly formed company, Ionic Digital, rather than a revived Celsius. Founder Alex Mashinsky was separately charged with fraud, pleaded guilty in December 2024, and was sentenced to 12 years in prison in May 2025. Celsius’s apps went dark entirely on February 29, 2024. There is no “logging back in” to a Celsius account today.
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One more clarification: this page is about Celsius Network, the crypto lender — not the Celsius energy-drink company, which has nothing to do with any of this and is still a normal, operating business.
A Working Sign-Up Bonus Instead
For a live sign-up bonus today, we point people to Gemini — a licensed, New York-based U.S. exchange, currently paying $50 to you and $50 to the friend you refer (at last check) when they sign up through our Gemini link and trade $100 within 30 days. That’s a straightforward buy/sell/hold exchange, not a lending platform like Celsius was, so there’s no yield-on-deposit mechanic to compare directly — but the bonus itself is real and currently paying out. Coinbase is our secondary pick, paying $10 in Bitcoin at last check through our Coinbase link, also link-based with no code to enter.
We also cover a broader overview of what Celsius was and what replaced it on our companion page, Celsius Referral Code and Sign-Up Bonus.
Frequently Asked Questions
Can I still sign up for Celsius and get the $50 bonus?
No. Celsius Network’s apps shut down permanently on February 29, 2024, following its 2022 bankruptcy. There’s no active sign-up flow left.
I had money on Celsius — can I get it back?
If you had funds on Celsius when it froze withdrawals, recovery runs through the official bankruptcy distribution process, which paid out over $3 billion to creditors by January 2024 (not dollar-for-dollar). This page isn’t part of that process — check official Celsius bankruptcy estate or Ionic Digital documentation for your specific claim.
Is this Celsius the energy drink?
No — unrelated company. This page covers Celsius Network, the crypto lender that went bankrupt in 2022.
What’s the best current alternative for a crypto sign-up bonus?
Gemini ($50/$50 at last check) or Coinbase ($10 at last check) — both are live, operating exchanges with real current bonuses.
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The Celsius offer is history.
The record lives here.
The original details are preserved above — and the intro points to what still works today.
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