Celsius founder reportedly withdrew $10M before bankruptcy filing: FT
The details of the withdrawal will reportedly be part of upcoming court filings, and it's possible the founder and former CEO of the crypto platform could be forced to pay it back. Celsius Network founder and former CEO Alex Mashinsky allegedly withdrew $10 million from the crypto lending platform just weeks before the company froze customer funds and declared bankruptcy.The withdrawal was cited by sources from the Financial Times who said Mashinsky withdrew the funds in “mid to late May” prior to the Jun. 12 pause on all withdraws. Celsius was a popular crypto-lending platform with 1.7....
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Celsius Network has seen months of turmoil as the company halted operations, was hit with lawsuits and filed for bankruptcy in the United States. Now, its CEO and founder Alex Mashinsky submitted his letter of resignation, according to a press release. Related Reading: Celsius Network Investment Results In $150M Loss For Canadian Fund Giant The […]
Alex Mashinsky, the former CEO of Celsius, withdrew $10 million from the crypto lending platform just weeks before it froze user assets and suspended withdrawals in June, according to unnamed sources cited by the Financial Times. The decision to withdraw cash caused worry, and the cryptocurrency community questioned whether Mashinsky had knowledge the company would […]
Ever since Celsius paused withdrawals on June 12, the company has been the focus of attention due to the lender’s financial hardships. A month later, Celsius filed for bankruptcy in the U.S. by leveraging the Chapter 11 process. Two days after the bankruptcy filing, a report disclosed that two people familiar with the matter allege that the private lending platform that owes Celsius $439 million is Equitiesfirst.
FT Sources Allege Private Lending Platform That Owes Celsius $439M Is Equitiesfirst
During the last few weeks, bankruptcies, liquidations, and insolvencies have....
During the last 30 days, the Celsius Network’s native token CEL increased in value by over 140% against the U.S. dollar. On July 13, just before the lending company filed for Chapter 11 bankruptcy, CEL was exchanging hands for $0.961 per unit. Following the news that the company filed for bankruptcy protection, the native crypto asset dropped 58% to a low of $0.40 on the same day. CEL has managed to climb back from the drop as the digital currency is currently swapping for prices between $0.69 to $0.73 per coin on July 14.
So-Called CEL Short Squeeze Attempt Slips, Token Drops....
Alex Mashinsky reportedly made the announcement at a Sept. 8 meeting, at which Celsius discussed possible scenarios for its future after filing for bankruptcy in July. Crypto lending platform Celsius, currently in the middle of bankruptcy proceedings, reportedly plans to rebuild around crypto custody services.According to a Tuesday report from the New York Times, Celsius CEO Alex Mashinsky and head of innovation and chief compliance officer Oren Blonstein aimed to revive the company using a project named Kelvin — storing users’ crypto and charging fees on certain transactions. Mashinsky....