Former CEO of Celsius, Alex Mashinsky, had hoped to rebrand the now-defunct crypto lender with a new project called Celsius Web Service (CWS) and had pitched the idea to Goldman Sachs and Abu Dhabi-backed fund ADQ before filing for bankruptcy in July. The CWS project was aimed at focusing on Yield and Custody, but investors who had previously invested $750 million in Celsius had no interest in it.

Mashinsky's attempt to shift the company's focus away from lending out crypto assets was too little, too late, as Celsius eventually filed for bankruptcy after persistent efforts to repay its loans. Mashinsky has offered a link to a blog post detailing the "true story" of Celsius's collapse, implying that Alameda Research was the cause of Celsius' demise, but this is contrary to opinions from Celsius employees citing mismanagement for the company's failure.