Celsius founder withdrew $10M before bankruptcy filing – Katoch Tubes

Celsius Network & its not so clean image

About Celsius

Celsius Network is the largest crypto lending platform that allow users to lend, borrow & trade crypto assets.

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

Before filing for bankruptcy, Celsius network has frozen withdrawals of its 1.7 million customers without notice. Blocking access to funds

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?

Many speculate that the founder saved himself but blocked the access of funds for  the users. An unethical move

Response from Celsius

The celsius team clarified that Alex is depositing funds after withdrawals & his family has $44 million locked in frozen assets

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