Celsius CEO Withdrew $10 Million Days Before Bankruptcy

Celsius (CEL)

✍️ 3 October, 2022 - 6:25 👤 Editor: Jakub Motyka

  • Celsius Network CEO and founder Alex Mashinsky withdrew $10 million from the company just weeks before its bankruptcy.
  • Authorities are investigating whether he used inside information to withdraw money before Celsius's bankruptcy.
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Alex Mashinsky, CEO and founder of the broken Celsius Network, has been accused of withdrawing 10 million dollars in cryptocurrencies a few days before after his crypto lending company went bankrupt. The accusation has been known after the resignation of Mashinsky as CEO of the company.

As disclosed by the Financial Times, Mashinsky would have executed the withdrawal of funds from Celsius Network between the middle and end of May 2022, while that the Celsius platform paused all cash withdrawals after a few weeks, specifically on June 12.

CEO Of Celsius Network Would Have Withdrawn 10 Million Dollars Days Before The Bankruptcy

According to this accusation, Alex Mashinsky would have used privileged information as CEO and founder of Celsius Network to carry out the withdrawal of 10 million dollars from their accounts just weeks before this cryptocurrency lending company began freezing any withdrawals from their platform.

Celsius Network is a cryptocurrency lending company that in the middle of this year, with the fall of the crypto market, had to officially declare bankruptcy due to the impossibility of respond to the debts that it had acquired with its clients and creditors.

Sources close to Mashinsky assure that this withdrawal of money was planned for a long time to, mainly, face the payment of taxes related to cryptocurrencies. In the event that it is proven that the withdrawal was intentional knowing the imminent bankruptcy of the company, Mashinsky must return the money to meet its return plan.

The Price Of Celsius (CEL) Today Falls 2.79%

The price of Celsius (CEL) today has fallen by 2.79% in the last 24 hours after the news was known, reaching a price of $1.34 at the time of writing this article. Its current value is far from its maximum reached during the last year, $5.94.

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