Tag: Bankruptcy

In May 2025, former Celsius Network CEO Alex Mashinsky was sentenced to 12 years in prison after pleading guilty to fraud, marking a culmination of the immense controversy with Celsius. The company, which once managed billions in customer deposits, collapsed spectacularly due to gross mismanagement, market manipulation, and undisclosed risks. This article explores the fraudulent practices that led to the crypto lender's downfall and the devastating consequences for its customers.

Following a bankruptcy filing in 2023, the sports nutrition brand BioSteel found a new owner in Canadian entrepreneur Dan Crosby. He is the owner of DC Holdings Ltd., which operates as the Coachwood Group of Companies, and successfully acquired the intellectual property and operational assets of BioSteel from previous owner Canopy Growth.

Several high-profile lawsuits and regulatory challenges have plagued supplement brand Goli Nutrition in recent years. These legal troubles involved allegations of false advertising regarding health claims, a major dispute with a contract manufacturer, and trademark infringement claims from a competitor.

Following BioSteel's bankruptcy filing in 2023, rumors and brand confusion spread rapidly, leading many to question if BioSteel is now body armor, but the truth involves a mix-up with a differently-named sports drink and a very separate industry.

In July 2022, cryptocurrency lending platform Celsius filed for Chapter 11 bankruptcy, holding approximately $4.7 billion in digital assets belonging to its 1.7 million registered users. This came after the company abruptly froze all customer withdrawals, trapping billions of dollars in funds. The primary issue with Celsius was a deeply flawed business model built on false promises, undisclosed risks, and eventual fraudulent activity by its leadership.