Why did Alex Mashinsky withdraw $10m from Celsius Network?

Celsius Network founder Alex Mashinsky withdrew $10mn from the crypto lender just weeks before the company froze customer accounts as it spiralled towards bankruptcy, according to people familiar with the matter.

Who is Alex Mashinsky?

Alex Mashinsky in Paris in April. (Benjamin Girette/Bloomberg News) Alex Mashinsky, chief executive of crypto lender Celsius Network, stepped down on Tuesday. Here is a look at the rise and fall of his firm. Mr. Mashinsky, a serial entrepreneur who often left his prior firms under tense circumstances, launched Celsius in 2017 with two partners.

Did Mashinsky mislead investors?

Prosecutors allege that Mashinsky misled investors into ploughing billions of dollars into Celsius, portraying it “as a modern day bank, where customers could safely deposit crypto assets and earn interest”.

Who is Celsius Network?

Celsius Network is a crypto lending company. Image: Shutterstock Former CEO of Celsius Alex Mashinsky allegedly withdrew $10 million from the company’s account back in May, just weeks before the now-defunct crypto lending firm froze customer withdrawals, according to the Financial Times.