Failed 2022
Celsius Mining
Using customer deposits to fund Bitcoin mining operations is reckless and possibly fraudulent.
Founded → Closed
2021 → 2022
Funding Raised
$750M
Industry
Crypto/Mining
Country
USA
IdeaProof AI Failure Score
72/100
Market Fit Risk
40
Burn Rate Risk
60
Founder Risk
85
Full Analysis
Celsius Mining was a Bitcoin mining subsidiary of Celsius Network, funded using customer deposits. When Celsius collapsed in 2022, the mining operations were among the assets liquidated in bankruptcy. The use of customer funds for speculative mining operations was a key element of the fraud charges against CEO Alex Mashinsky.
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