Celsius Network Top Management Cashed Out $30M Before Bankruptcy
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Celsius Network executives, including former CEO Alex Mashinsky, withdrew around $30 million in bitcoin (EXANTE: Bitcoin), tether (USDT), celsius (CEL), and ether (ETH) from custody accounts in the month before blocking clients from withdrawals, Bloomberg has learned, citing court documents.

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The documents show that Mashinsky alongside Celsius Co-Founder, Daniel Leon, and CTO, Nuke Goldstein, withdrew around $30 million in various cryptocurrencies in May. While Mashinsky cashed out about $10 million, Leon withdrew about $7 million and Goldstein around $13 million.

Celsius Creditors File a Lawsuit Against Equities First

The move comes shortly after a spokesperson for Mashinsky told media that in mid to late May 2022, he withdrew a "percentage of cryptocurrency in his account, much of which was used to pay state and federal taxes."

Celsius filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in July this year. The company says the restructuring will help it "maximize value for all stakeholders." Celsius owes users more than $4.7 billion.

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