Before Kolaps, CEO Of Celsiusketahuan Dana Rp153 Miliar Dalam Cryptocurrency

The founder and CEO of Celsius Network, Alex Mashinsky. (Photo; Doc. Coinrivert)

JAKARTA - Crypto lending platform, Celsius, went bankrupt last July due to the collapse of Terra LUNA in May. Meanwhile, according to a recent report, Celsius Network founder and CEO Alex Mashinsky is known to have withdrawn a total of 10 million US dollars (equivalent to Rp153 billion). The withdrawal was made by Mashinsky before Celsius went bankrupt.

Based on a Financial Times report on Sunday, October 2, 2022, it notes that Celsius founder Alex Mashinsky has withdrawn $10 million in cryptocurrency just weeks before withdrawing (withdrawal) of frozen user funds.

In June 2022, the crypto-mining platform Celsius Network has frozen the withdrawal of its users' funds citing liquidation issues. A month later the company filed for bankruptcy.

On the other hand, Mashinsky disbursed its cryptocurrency around May 2022. The disclosure of this withdrawal is likely to intensify surveillance of Mashinsky. It also raises the question of whether Mashinsky already knew that Celsius would go bankrupt and was aware that he would not be able to return assets to its customers.

Launching Coin speaker, Celsius Network will submit details of Mashinsky transactions to the court in the coming days. This is part of a more intensive disclosure of its financial affairs at Celsius Network. A Celsius CEO spokesman said that Mashinsky and his family still have $44 million in crypto assets frozen with Celsius.

In mid to late May 2022, Mr. Mashinsky pulled the percentage of cryptocurrencies in his account, most of which were used to pay state and federal taxes. In the nine months leading up to the recall, he consistently deposited cryptocurrencies in the same total amount as what he pulled in May. He continues to be committed to working with and uniting communities around plans to maximize coins and liquidity for everyone," said a spokeswoman for Mashinsky.

Since the collapse of the Crypto loaner Network, Mashinsky has faced major accusations. Back in August, reports emerged that Mashinsky interfered too much with trading calls from the team in Celsius. In addition, other sources have also stated that Mashinsky often ordered traders to trade its crypto orders based on misinformation. As a result, the Celsius Network reportedly lost more than $50 million.

In the latest developments regarding the withdrawal of 10 million US dollars by Mashinsky before the collapse company, the funds have the potential to be returned. According to US law, payments made by the company 90 days before bankruptcy can be withdrawn for the benefit of all creditors.

About $8 million of Mashinsky's assets have been used to pay the revenue tax earned from the assets generated in Celsius. The remaining $2 million in CEL's dollar token form. It was also a planned withdrawal related to Mashinsky's crypto mining plans. Last week, Mashinsky announced his resignation from CEO's position at Celsius Network.