Part of the CustodyStress archive of observed Bitcoin custody incidents
CS-01018
The Celsius estate continued to accrue collateral management fees post-petition.
ConstrainedCase description
Celsius customers who had borrowed against their Bitcoin as collateral on the platform faced a specific and acute custody problem: their collateral—held by Celsius—was still being charged interest during the bankruptcy freeze. The Celsius estate continued to accrue collateral management fees post-petition. Borrowers who repaid their loans in full still could not access their Bitcoin collateral while the bankruptcy was pending, and in some cases the accrued fees eroded the collateral value during the wait.
Custody context
| Stress condition | Vendor lockout |
| Custody system | Exchange custody |
| Outcome | Constrained |
| Documentation | Unknown |
| Year observed | 2022 |
| Country | United States |
Structural dependencies observed
What this illustrates
Getting access back required help from an institution — and that help wasn't available. Whether full access was ultimately possible is unclear, but significant delay or outside intervention was involved.
Outcome interpretation
Access remained possible, but only with delay, dependence, or significant difficulty.
Source
Publicly Reported
Evidence type
News article
Related cases involving vendor lockout
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.