Celsius founder withdrew $10M before bankruptcy filing – Katoch Tubes
Celsius Network & its not so clean image
Celsius Network & its not so clean image
About Celsius
About Celsius
Celsius Network is the largest crypto lending platform that allow users to lend, borrow & trade crypto assets.
The Bankruptcy
The Bankruptcy
The crypto bank filed for chapter 11 bankruptcy in July 2022 with $2.85 billion left to be paid to creditors.
Freezing Withdrawals
Freezing Withdrawals
Before filing for bankruptcy, Celsius network has frozen withdrawals of its 1.7 million customers without notice. Blocking access to funds
The Controversy
The Controversy
Alex Mashinsky, the founder and former CEO withdrew $10 million from the crypto lending platform weeks before it froze customer funds and filing for bankruptcy,
Was this move intentional?
Was this move intentional?
Many speculate that the founder saved himself but blocked the access of funds for the users. An unethical move
Response from Celsius
Response from Celsius
The celsius team clarified that Alex is depositing funds after withdrawals & his family has $44 million locked in frozen assets