The heads of the crypto-credit company Celsius Network withdrew tens of millions of dollars before bankruptcy
Former CEO of Celsius Network Alex Mashinsky, as well as top management withdrew tens of millions of dollars from the firm before its bankruptcy. This is stated in the financial report, which was prepared as part of the proceedings.
The published documents indicate that at least in May 2022 alone, Mashinsky withdrew several million dollars from a depository account to Celsius. In addition to altcoins, the ex-head of Celsius withdrew ether (ETH), USD coin (USDC), celsius (CEL) and bitcoin (BTC) in large volumes.
Mashinsky also withdrew cryptocurrency through firms affiliated with him, it follows from the report. In addition, in addition to the ex-head of Celsius, the rest of the company’s top management also withdrew cryptocurrency over the same time period. For example, in May, the head of strategic development of Celsius, Daniel Leon, took millions of dollars in CEL, USDC and BTC tokens from his accounts.
In total, according to media estimates, the top management of Celsius Network withdrew over $55 million before bankruptcy.
In addition to transactions, the document also highlights Mashinsky’s salary. Starting from July 2021, it amounted to $38,460 (~2.3 million) before taxes, excluding bonuses. Leon’s salary was changing. If in July he received a little more than $10,000, then in September the figure doubled, and in April Leon took out a loan from Celsius in the amount of $4 million.
Earlier, the editorial board wrote that the media caught Mashinsky in a rapid withdrawal of capital just before bankruptcy. Then his representative said that the ex-head of Celsius withdrew money to pay state and federal taxes.