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Celsius Executives Withdrew Tens of Millions of Dollars Ahead of Bankruptcy

Thu, 10/06/2022 - 19:05
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Alex Dovbnya
Celsius bosses withdrew $30 million worth of Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies before the company imploded
Celsius Executives Withdrew Tens of Millions of Dollars Ahead of Bankruptcy
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Celsius bosses withdrew a total of $30 million of crypto from the popular lending platform right before it went bust, according to a Thursday report that cites recent court documents.

As reported by U.Today, the Financial Times initially revealed that Celsius CEO Alex Mashinsky had withdrawn a total of $10 million in the run-up to the collapse of the popular platform. Mashinsky allegedly has an additional $44 million locked on the platform, according to his spokesperson.  

Now, it turns out that Celsius CTO Nuke Goldstein withdrew $13 million from the platform in May. Co-founder Daniel Leon brought the total amount of withdrawn crypto to the $30 million figure.

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As reported by U.Today, Mashinsky submitted a resignation letter last month as the company is yet to repay its creditors roughly $5 billion. The controversial entrepreneur said that he would remain focused on uniting the community behind a recovery plan after leaving his post.  

Leon joined Mashinsky by resigning from the troubled lending company earlier this week. 

Celsius caused turmoil within the cryptocurrency community by suddenly suspending withdrawals in early June. the company then ended up filing for Chapter 11 bankruptcy protection within the same month.

The company is currently dealing with a bunch of legal and financial troubles that have precipitated the exodus of its top executives.  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at