Ex-celsius Ceo’s Wife Bottled in $2 Million Before Bankruptcy

According to the latest court filings, the ex-Celsius CEO’s wife made away with $2 million in crypto before the company halted withdrawal.
In accordance with a filing that was submitted to the United States Bankruptcy Court, the last bid deadline for Celsius will be on October 17 at 4 p.m., and an auction will be held, if required, on October 20 at 10 a.m.

The latest news development on Celsius, a crypto lending company, show that in a recent court filing, the ex-Celsius CEO’s wife made away with $2 million in crypto before the company halted withdrawals from their clients; with the company later filing for bankruptcy.

The new court filing posted by Gizmodo reveals that Kristine Mashinsky, wife to ex-Celsius CEO indeed withdrew $2 million in CEL tokens on May 31, months before the company filed for bankruptcy.

Millions Withdrawn Behind the Curtain

Everything began in July when the crypto lending company filed for Chapter 11 bankruptcy protection in the Southern District of New York . Notably, normal customer withdrawal services had halted a month prior due to “extreme market conditions.”

As October kicked off, a report came from the Financial Times stating that Alex Mashinsky had withdrawn a whooping $10 million before freezing customer withdrawals. Unknown sources show that the withdrawals were pre-planned and linked to Mashinsky’s estate planning. Additionally, the unknown source revealed that Mashinsky would consistently withdraw small amounts in compensation for taxes totaling to what he withdrew in May.

Before the deception, September saw Alex Mashinsky give up power as the CEO of Celsius, According to Alex;

“I believe we all will get more if Celsians stay united and help the UCC with the best recovery plan. I remain willing and available to continue to work with the Company and their advisors to achieve a successful reorganization.”

What was once a high soaring crypto lender with over $3 billion in valuation found itself filing for bankruptcy. A lot more is yet to be unfolded in regard to what led to the fall of Celsius.

Celsius to Auction off Assets

In accordance with a filling that was submitted to the United States Bankruptcy Court for the Southern District of New York on Monday, October 3, the last bid deadline for Celsius will be on October 17 at 4 p.m., and an auction will be held, if required, on October 20 at 10 a.m.