Top 3 Celsius’ Execs Cashed Out $56M
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An editor at Coincrop
06 Oct 2022 | 2 min read
efore Celsius declared bankruptcy and halted withdrawals, its top three executives withdrew a total of $56.12 million in cryptocurrency over the span of just two months, new court records show.
The funds were mostly withdrawn from custody accounts in the form of bitcoin (BTC), ether (ETH), USDC (USDC) and CEL tokens, according to a submitted Statement of Financial Affairs relating to former CEO Alex Mashinsky, former CSO Daniel Leon, and CTO Nuke Goldstein.
In July, Celsius.com filed for Chapter 11 bankruptcy protection after it halted all user withdrawals owing to "extreme market circumstances."
According to leaked audio recordings, senior members of the lender's management discussed fresh debt restructuring proposals that involved converting the firm's debt into tokens and a possible cryptocurrency custody pivot. The court, on the other hand, plans to sell Celsius' assets at an auction later this month.
The next bankruptcy hearing is scheduled for October 7th at 10 A.M. E.T.
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