Mashinsky is currently being investigated, though, as his company declared bankruptcy and halted the withdrawal. Prior to its bankruptcy, it was claimed that Celsius's top executives withdrew substantial sums of money.
is Alex Mashinsky, the former CEO of the failed digital asset lending company.
Mashinsky is currently being investigated, though, as his company declared bankruptcy and halted the withdrawal. Prior to its bankruptcy, it was claimed that Celsius's top executives withdrew substantial sums of money.
Ex-CEO of Celsius withdraws USDC
Coffeezilla, an online fraud investigator, brought attention to the fact that the former CEO of Celsius is selling off CEL tokens for hundreds of dollars. The transactions were carried out using many wallets owned by Mashinsky. Over the last day, he has transferred over $1 million worth of CEL and USDC tokens.
The Celsius executives are leaving while the company has stopped consumer custody withdrawals.
Alex Mashinsk withdrew over $10 million from the cryptocurrency lender, according to a previous CoinGabbar story. This occurred right before the client accounts were frozen by the company, which caused it to declare for bankruptcy.
According to speculation, the former CEO withdrew the money after seeing consumers remove their assets in large quantities as a result of the unstable crypto market conditions. On June 12, however, the market price of Celsius tokens has decreased by about 8%. As of the time of publication, it is trading for an average price of $0.95.
Mashinsky, did you foresee this?
The investigation into Mashinsky's decisions may intensify in light of the withdrawal revelations. It further emphasises the fact that he was aware that the bankrupt company would be able to restore users' assets.
According to the Celsius user loss website, a person by the name of Jacob Benjamin Fite came in first place. He is losing close to $40 million. The top 10 people collectively are responsible for over $220 million of the loss. However, Celsius' balance sheet currently shows a deficit of more than $1.19 billion.
In the past 24 hours, the market price of Celsius tokens has decreased by about 8%. As of the time of publication, it is trading for an average price of $0.95. CEL has decreased 77% so far this year.
Share