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celsius alex mashinsky 10m 8mshubber Alex Mashinsky, the embattled founder and former CEO of Celsius Network, reportedly withdrew $10 million from the now-bankrupt crypto lender a few weeks before Celsius suspended customer withdrawals in June, according to unnamed sources cited in the Financial Times.
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celsius alex mashinsky 10m 8mshubber
According to a Mashinsky spokesperson as reported by the Financial Times, the entrepreneur informed an unsecured creditors committee (UCC) during the bankruptcy proceedings that he and his family had $44 million in cryptocurrency frozen with Celsius after his withdrawal. The spokesperson stated that Mashinsky “‘withdrew a percentage of cryptocurrency in his account, much of which was used to pay state and federal taxes,” as indicated by the FT.
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Celsius suspended withdrawals, swaps, and transfers on its platform in June, citing “extreme market conditions.” It subsequently filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York one month later. In a subsequent court filing, Celsius revealed a $1.2 billion deficit in its balance sheet, with $4.3 billion in assets and $5.5 billion in liabilities.
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In its statement when initially filing for bankruptcy, Celsius explained that if it hadn’t temporarily halted withdrawals, it would have enabled some customers, particularly those who acted quickly, to receive full payments. However, this would have left other customers waiting for Celsius to realize value from illiquid or long-term asset deployment activities before they could receive their recoveries.
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Mashinsky referred to the decision as the “right one for our community and company.” He also emphasized that this moment would be considered a defining one in Celsius’ history, where taking resolute and confident action served the community and enhanced the company’s future.
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This cryptocurrency withdrawal by Mashinsky took place in May, during a period of turmoil in the crypto markets linked to the collapse of the Terra ecosystem, which saw a loss of $60 billion in value that month. As part of a broader financial disclosure by the company, Celsius is expected to provide details about Mashinsky’s transactions to the court in the coming days, as reported by the FT.
