Key Takeaways:
- Mashinsky has been pulling funds off Celsius since 2018.
- The document was allegedly provided by former Celsius employee.
- Celsius investors blame Mashinsky, and FTX.
YEREVAN (CoinChapter.com) – Alex Mashinsky, the former CEO of now-bankrupt crypto lender Celsius Network, has been moving funds from the platform since 2018, according to a document unearthed by crypto reporter Tiffany Fong.
The file provides a wider picture of Mashinsky’s expenses, making the one-year document currently in bankruptcy court possession incomplete.
Fund withdrawals began in 2018
The reporter cited a spreadsheet containing Mashinskys transactions dating back to 2018. A former Celsius Network employee allegedly provided the document, along with their comments on the matter.
Since the start of 2020, Alex moved $18.1M of tokens off of the Celsius platform, $11.3M of which was Cel tokens. Alex did not send a single withdrawal from his primary account until May 15, 2022 (peak FUD on Celsius).
asserted the source.
They also added that by May 2022, Mashinsky “withdrew $2.88M of tokens (USDC, BTC, and ETH), leaving only Cel token in his account. ”
In detail, the former CEO representatives have stated that the fund withdrawals were used for tax purposes. However, the source clarified that it “directly conflicts with his years of telling customers not to sell crypto to pay taxes” and take loans against it instead.
What happened to Mashinsky?
As CoinChapter reported in early December, the bankruptcy court ordered Celsius to cough up $50 million, a fraction of customer funds lost by the platform. Meanwhile, many victims of the implosion blame Mashinsky himself, to the point of making death threats to him and his family.
Many also speculated that the crypto lender did not go bankrupt “out of the blue.”
Also read: Judge Orders Celsius Network to Turn in $50M, a Fraction of Clients’ Lost Funds.
Julian Hosp, the founder/CEO of Cake DeFi, tweeted a video on June 15, soon after Celsius admitted to liquidity issues, detailing how FTX was allegedly behind the company’s demise. He called FTX executives “La Familia,” hinting at their mafia-like connections.
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