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Alex Mashinsky Reportedly Withdrew $10M Before Blocking Celsius Operations

ByLouis Adams

Oct 3, 2022
Reading time: < 1 minute

The CEO of crypto lending platform Celsius Network, Alex Mashinsky, withdrew $10 million a few weeks before the freezing of client accounts, the Financial Times has learned.

According to the publication, this happened in the midst of a wave of sales in May which was caused by the collapse of the Terra ecosystem.

Celsius is expected to provide details of CEO transactions as part of its broader financial disclosures.

A representative of Mashinsky has said he and his family members had $44 million in Celsius accounts after the blocking of operations.

A spokesman for the company has said that the CEO “withdrew a certain amount, most of which was used to pay taxes.” It cost $8 million, according to one source. The remaining $2 million was related to a planned property management operation.