Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01134
Platform bankruptcy — Celsius (2023)
IndeterminateCase description
By mid-2023 the combined Celsius, Voyager, FTX, BlockFi, and Genesis bankruptcy proceedings had produced a distinct new problem for estate executors: multiple ongoing bankruptcy cases running simultaneously, each with different court-appointed trustees, different claims portals, different documentation requirements, and different deadlines. An executor dealing with a deceased holder who had used more than one of these platforms needed to file separate claims in multiple courts, often in parallel, without experience of the bankruptcy process. Law firms specialising in digital asset estates saw a surge in this class of case.
Custody context
| Stress condition | Owner death |
| Custody system | Exchange custody |
| Outcome | Indeterminate |
| Documentation | Unknown |
| Year observed | 2023 |
| Country | United States |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. It's not clear whether anyone ever regained access.
Outcome interpretation
Not enough information is available to determine the outcome.
Source
Publicly Reported
Evidence type
News article
Related cases involving owner death
This archive documents observed custody survivability failures. It does not attempt to document all Bitcoin losses or security incidents.
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Framework references
Where Bitcoin Custody Intersects Legal and Fiduciary Authority
Where custody creates gaps in estate planning, fiduciary duty, and professional responsibility.
Professional Scope Boundary Matrix
What each professional or product covers, what they do not, and where gaps form between them.
The Independent Assessment Layer in Bitcoin Custody
How independent diagnostic layers emerge when multiple parties depend on shared infrastructure.
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