Celsius Founder Withdrew $10 Million
Celsius Founder Withdrew $10 Million Before Freezing Withdrawal and Filing for Bankruptcy
According to a report by Financial Times on Sunday, Alex Mashinsky, the founder of insolvent crypto lender Celsius who just stepped down as the company’s CEO took out $10 million from his account before pausing withdrawal in June.
Celsius and many other crypto lending firms have been hit differently by the current crypto crash, perhaps their risk management skills are not sufficient, an aspect considered to be a very important aspect in crypto trading, meanwhile, you can improve these skills through personal interaction with experienced traders.
On June 12, Celsius announced that it is freezing withdrawals from its platform due to extreme market conditions, while citing people with knowledge of the matter on Sunday, Financial Times recent report revealed that Mashinsky withdrew $10 million in May.
As per the report, a large portion of the money was used to pay state and federal taxes.
Meanwhile, Mashinsky and his family had up to $44 million worth of digital assets frozen in the platform even after taking out the $10 million, a spokesperson told Financial Times.