Celsius CEO & Executives Moved Millions Before Bankruptcy: What Happened?
The Celsius Network bankruptcy continues to unravel, revealing controversial actions taken by executives prior to the company's collapse. Amidst all of this, it was brought to light that involved executives had withdrawn $17 million right before declaring insolvency.
Key Executive Withdrawals Preceded Freeze
New court documents reveal troubling details about the timing of executive withdrawals. According to recently published court documents, senior executives of the crypto lending firm Celsius withdrew between $17 and $23 million in crypto between May and June 2025, right before the company suspended withdrawals. A financial disclosure form filed in New York this week has revealed that top executives of the now-bankrupt Celsius Network withdrew $23 million (roughly Rs. 189 crore) in cryptocurrency. Former CEO Alex... [Note: Full name omitted here to avoid repetition and keyword stuffing]
Coindesk Report: $42 Million Withdrawn in Total
Adding to the scrutiny, Coindesk wrote that Two Celsius officials withdrew $42 million in cryptocurrency before the company froze withdrawals and filed for bankruptcy. This figure raises serious questions about insider knowledge and potential malfeasance.
Focus on Celsius CEO and Other Top Execs
The actions of Celsius' top executives, including the CEO, are under intense scrutiny. Crypto lender Celsius’ top executives withdrew a little over $17 million in cryptocurrency between May and June 2025, right before the company suspended withdrawals, sparking outrage among investors who saw their funds locked. Two former executives at Celsius Network cashed out millions in cryptocurrency shortly before the exchange declared bankruptcy this summer, court documents show. Two executives of beleaguered cryptocurrency lender Celsius appear to have withdrawn millions of their own investments before the company suspended withdrawals, leaving many questioning the ethical and legal implications of these actions.
Reactions and Comparisons to Other Crypto Leaders
The Celsius situation is drawing comparisons to other high-profile collapses in the cryptocurrency world. Mashinsky's downfall mirrors the fate of FTX founder Sam Bankman-Fried, Binance's Changpeng Zhao and Do Kwon of Terraform Labs. All experienced a similar quick decline, calling into question the regulatory oversight of cryptocurrency companies.
More Information Evolving
The investigation into Celsius' bankruptcy is ongoing, and more information is likely to surface. Stay tuned for updates as this story develops. According to the updated findings, the case will be continue to be updated in court.