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The former CEO of Celsius withdrew $10 million in cryptocurrency before the company filed for bankruptcy

The Wall Street Journal reported on October 7 that crypto lender Celsius Network LLC filed with the bankruptcy court on Wednesday showed that Alex Mashinsky, the company’s former CEO, withdrew $10 million in cryptocurrency in the two months before the company filed for bankruptcy protection.

Documents show that Mashinsky withdrew the cryptocurrencies between May and July 13. His lawyer confirmed the scale.

In June, Celsius, one of the largest crypto lending platforms, froze customer withdrawals. The following month, when Celsius filed for bankruptcy, the company said it owed $4.7 billion to its users. Thousands of the company’s customers have banded together to try to recover their cryptocurrency assets in bankruptcy.

Mashinsky resigned at the request of Celsius creditors at the end of September. Lawyers for the company’s creditor committee said in court that the creditor committee was continuing its investigation into Celsius.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-former-ceo-of-celsius-withdrew-10-million-in-cryptocurrency-before-the-company-filed-for-bankruptcy/
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