Bankrupt crypto lender Celsius founder and former CEO Alex Mashinsky withdrew $10 million from the platform weeks before the company halted customer withdrawals, according to an FT report. JPRubin23 reports
In a statement at the time of the initial bankruptcy filing, Celsius said that"without a pause, the acceleration of withdrawals would have allowed certain customers – those who were first to act – to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery."
Mashinsky then called the decision"right...for our community and company," adding that in the history of Celsius,"we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”
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