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$56M withdrew by executives of Celsius before the bankruptcy filing

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$56M withdrew by executives of Celsius before the bankruptcy filing 3

A court published document revealed that three executives of bankrupt crypto lending platform Celsius cashed out huge amounts of funds from the platform before the stoppage of services.

Celsius is a bankrupt crypto lending platform, which suspended its services on 12 June of this year. The company said that the company decided to stop services to bring the platform into a better situation because market volatility impacted the backend operations of the company badly. On 13 July, the company filed for Chapter 11 bankruptcy.

On 6 October, the Leading crypto news website Coindesk covered a report on behalf of a published court document. Report noted that three officials of the Celsius company cashed out huge amounts of money from the platform, before pausing the crypto funds withdrawal for the clients.

According to the available details, in May 2022, Alex Mashinsky (former CEO) withdrew around $10 million in cryptocurrencies. Between 27 May to 31, May Daniel Leon (former CSO of Celsius) withdrew around $7 million worth of crypto assets. Nuke Goldstein (Celsius CTO) withdrew around $13 million.

The released document by the bankruptcy court confirmed that court strictly ordered the bankrupt Celsius platform to inform all the information about the platform & its legal proceedings with the Unsecured Creditors Committee (UCC). The UCC is a committee, which is representing all consumers to whom Celsius owes assets.

Cel Coin

Cel Coin is the native token of the Celsius platform. Last month, the Cel token grabbed huge attention among crypto Investors because this coin surged rapidly despite significant downturn in the market.

The current price of the Cel coin is $1.28 and this price is 13% down over the last 30 days of trade value.

$56M withdrew by executives of Celsius before the bankruptcy filing 2

In the classic graph of the Cel coin, a spike can be seen on 15 September. Few reports claimed that the price of Cel token was manipulated by the Celsius company to maintain the balance of the company for personal benefits.

Read also: Shark Tank Star Cuban Says “I am still really bullish on crypto”

$56M withdrew by executives of Celsius before the bankruptcy filing

 

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