Ex-CEO of Celsius Network Move $960K in CEL and USDC : Report

Data shows that Alex Mashinsky moved nearly $960K crypto in CEL and USDC.
However, the withdrawal facility is suspended for Celsius customers.

Transaction from Mashinsky’s Crypto Wallet

Alex Mashinsky, who resigned from the post of CEO from the bankrupt firm, Celsius Network, on September 27, 2022, transferring crypto out of wallets. An analytics platform, Nansen compiled the data that neatly $1 Million in CEL and USDC transferred to UniSwap and MetaMask from the beginning of this month. While the wallets that were used for the following transaction belong to ex-CEO of Celsius Network, Alex Mashinsky.

Nansen: Few transactions from Alex Mashinsky’s crypto wallet

Nansen recognizes that the wallets belong to Mashinsky and shows a steady stream of Celsius’ CEL token and Circle’s USDC stablecoin left his six wallets over the last month.

Alex Mashinsky: A Cartoonish Villain

A blockchain spy, Coffezilla who once exposed a crypto scam on YouTube, claimed that he had spotted one more wallet that transferred nearly $225,376 in CEL and USDC in the previous month, owned by the ex-CEO of Celsius Network, Mashinsky.

Alex Mashinsky is such a cartoonish villain. After getting called out for stealing money from his company on the brink of bankruptcy, he starts dumping hundreds of thousands of dollars of $CEL tokens across multiple wallets.
He’s dumping I write this, last trade 3 min ago) pic.twitter.com/Ugg9Q7yDTZ
— Coffeezilla (@coffeebreak_YT) October 11, 2022

On the other hand, the confirmation of the ownership of the following wallet is not yet confirmed by Nansen. Still, the on-chain data indicates that it got fundings by a confirmed Mashinsky wallet.

Furthermore, it can be seen that in August 2022 Mashinsky transferred $28,242 and then around $27 Million was also withdrawn by its executives in two parts just before the firm announced its bankruptcy.

In addition to, as per the on-chain data, the collection of Mashinsky’s wallets still has $197,301 worth of cryptos, mainly of CEL and USDC. However, Mashinsky did not make any immediate comment over this, till now.

As Celsius Network loaned $75 Million to Three Arrows Capital, the firm faced financial issues on the summer’s broader market downtown and suspended withdrawals in June 2022. Then the firm filed for bankruptcy protection on July 13, 2022.

In the beginning of October 2022, the trustee who was assigned with supervising the company’s bankruptcy called a motion to reopen withdrawals “premature.” In the objection, attorneys wrote that “At this juncture, there are too many questions regarding the debtors’ cryptocurrency holdings to approve any withdrawals or sales. Those questions arise both from the debtors’ lack of transparency… [and] the Debtors’ failure to file schedules and statements of financial affairs.”

Besides this, the U.S. Bankruptcy Judge Martin Glenn, last week ordered an independent examiner to make a report by mid-November detailing Celsius’ financial management and handling of customer accounts. He also expressed concerns about Celsius management members withdrawing assets before Celsius’ bankruptcy.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing