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Former Celsius CEO paid himself $10 million

New allegations against Alex Mashinsky.

By Luc Vesters
• 1 min read
Former Celsius CEO paid himself $10 million

New allegations against Alex Mashinsky. The CEO of the failed crypto-lending platform Celsius, who has since stepped down, allegedly paid himself $10 million. The Financial Times reports this based on internal circles. The former executive used a large portion of the money to pay tax debts. Mashinsky withdrew the funds a few weeks before Celsius halted payouts. Shortly after, the crypto service provider filed for bankruptcy.

The ex-CEO may have to unwind the transfer. Under U.S. law, payments made by a company within 90 days of bankruptcy can be clawed back. For internal transfers, the window is even a year. In the meantime, these are not the first allegations against the former Celsius CEO. He allegedly authorized dubious trading decisions shortly before bankruptcy, contrary to the advice of business strategists.

It remains to be seen how the payouts case will unfold. Celsius plans to file new details about Mashinsky's transactions with the court in the coming days.

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