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Almost $1 million in CEL and USDC has been sent to UniSwap and METAMASK since the beginning of October from wallets belonging to Alex Mashinsky, according to data compiled by Nansen.
Some of the transactions from Alex Mashinsky's crypto wallets (Nansen)
On-chain data from analytics platform Nansen identifies wallets belonging to Mashinsky showing a steady stream of Celsius' CEL token and Circle's USDC stablecoin leaving his six wallets over the last month.
Coffezilla, a blockchain sleuth that exposes crypto scams on YouTube, claims to have spotted another wallet controlled by Mashinsky that has moved approximately $225,376 in CEL and USDC during the last month. Ownership of this wallet has not been confirmed by Nansen, however on-chain data shows that it's been funded by a confirmed Mashinsky wallet.
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
This is in addition to the $28,242 moved by Mashinsky in August over the course of a few days, as CoinDesk has previously reported, and the nearly $27 million that was withdrawn by executives in tranches before the firm declared bankruptcy.
Mashinsky did not respond to a request for comment by CoinDesk by press time.
According to on-chain data, Mashinsky’s collection of wallets still contains $197,301 worth of crypto, primarily comprised of CEL and USDC.
When Will Celsius Reopen Custody Withdrawals?
Given its heavy exposure to beleaguered crypto hedge fund Three Arrows Capital, Celsius faced financial difficulties during the summer’s broader market downturn and froze withdrawals in June before filing for bankruptcy protection on July 13.
The question on the minds of its users — especially as Mashinsky and other executives cash out — no doubt is about withdrawals.
But they might be waiting a bit longer.
Earlier this month, the trustee tasked with overseeing the company’s bankruptcy called a motion to reopen withdrawals “premature.”
“At this juncture, there are too many questions regarding the debtors’ cryptocurrency holdings to approve any withdrawals or sales,” attorneys for the Trustee’s office wrote in the objection. “Those questions arise both from the debtors’ lack of transparency … [and] the Debtors’ failure to file schedules and statements of financial affairs.”
Late last week, U.S. Bankruptcy Judge Martin Glenn, who is overseeing the case, ordered an independent examiner to produce a report by mid-November detailing Celsius’ financial management and handling of customer accounts.
This report will determine the schedule as to when customers will be able to withdraw their holdings.
