Case summary
What happened
On 28 April 2021, Celsius announced an integration that made its compounding-yield model available to Liquid customers, with weekly payouts and no lock-in described in the launch material. FTX later acquired Liquid. On 15 November 2022, Liquid Global halted fiat and crypto withdrawals after the Chapter 11 filing involving its ultimate parent. Current Liquid support says deposits, trading and withdrawals of fiat and crypto assets have been suspended for an extended period and directs Liquid Global users to the FTX restructuring and claims process. CYA does not infer that Liquid itself was independently insolvent or that every Liquid Earn balance represented a direct claim against Celsius.
Customer result
Customer outcome
Claims ongoing
Liquid's help center confirms an available claim path and continued suspension of services. CYA does not infer that every Liquid Earn balance became a direct Celsius claim, that Liquid itself was independently insolvent, or that all users have received a distribution.
- Estimated recovery
- Not classified. Liquid directs customers into the FTX Chapter 11 claims process, but the reviewed sources do not establish a uniform recovery percentage for Liquid Earn balances or a single legal treatment for every Liquid, Quoine or Celsius-linked customer exposure.
- Repayment started
- —
- Repayment completed
- —
- Confidence
- High
Asset treatment
Terms risk
Unclear
Do not infer that every Liquid Earn customer was a direct Celsius creditor or that every balance was legally held by the same Liquid, Quoine, FTX or Celsius entity. Product marketing does not resolve those boundaries.
- Affected product
- Liquid Earn and balances associated with the Celsius yield integration
- Confidence
- High
The Liquid-Celsius integration confirms a customer-facing yield product and Celsius earning model, but the reviewed material does not establish one universal legal transfer, custody, segregation, title or creditor-right structure for all Liquid Earn balances. Liquid's current claim instructions route customers through the FTX Chapter 11 process rather than clarifying a separate product ownership model.
Source: Liquid selects Celsius to offer crypto yield to its customers
Known unknowns
Uncertainty
The Celsius integration establishes the product and yield model but does not establish one universal custody, legal-title or downstream counterparty structure for every Liquid Earn customer balance. Current Liquid support confirms the continuing service suspension and claim route, but no reviewed source establishes a final product end date or a uniform recovery percentage.
Chronology
Historical record
Liquid launches exchange-linked yield through Celsius integration
Celsius announced that Liquid customers could access its compounding-yield model through Liquid, with weekly payouts, no lock-in, no minimum balance and asset transfers or withdrawals described in the launch material.
The announcement establishes the launch and customer-facing product model. It does not establish one universal downstream custody, title or creditor structure for all Liquid Earn balances.
Liquid Global suspends fiat and crypto withdrawals
Liquid Global halted fiat and crypto withdrawals after the Chapter 11 filing involving parent FTX Trading Ltd. Current Liquid support states that deposits, trading and withdrawals remain suspended for an extended period in connection with those proceedings.
The suspension is tied to parent-company Chapter 11 exposure. CYA does not convert that relationship into a finding that Liquid or Quoine independently became insolvent.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
1 sourcesChapter 11 - should I make a claim?
Liquid Exchange
Liquid directs customers to make a claim and to follow the FTX restructuring process while stating that deposits, trading and withdrawals remain unavailable pending further updates.
Event
2 sourcesLiquid selects Celsius to offer crypto yield to its customers
Celsius Network · 2021-04-28
Partner announcement states that Liquid customers gained access to Celsius's compounding-yield model, with weekly payouts, no lock-in and no minimum balance. It establishes the customer-facing product but not one universal custody or creditor structure.
Liquid Global, Crypto Exchange Owned by FTX, Halts Withdrawals
CoinDesk · 2022-11-15
Contemporaneous report provides the 15 November 2022 timing and states that Liquid Global halted both fiat and crypto withdrawals after the FTX Chapter 11 filing.
status
1 sourcesI am unable to access my funds
Liquid Exchange
Current Liquid support says deposits, trading and withdrawals of fiat and crypto assets have been suspended for an extended period in connection with the U.S. Chapter 11 proceedings of parent FTX Trading Ltd. and related affiliates.
No evidence records match the current filters.
Comparative records