Sources: Celsius founder Alex Mashinsky withdrew $10M from the crypto lender weeks before freezing customer accounts; one source says $8M was used to pay taxes (Kadhim Shubber/Financial Times)

Vicky Ge Huang / Wall Street Journal:
Celsius co-founder and CEO Alex Mashinsky resigns from the bankrupt cryptocurrency lender, writing his “role as CEO has become an increasing distraction”  —  The crypto lender filed for bankruptcy in July  —  Alex Mashinsky—chief executive and cofounder of bankrupt cryptocurrency …

CoinDesk:
Court filing: Celsius ex-CEO Alex Mashinsky, ex-CSO Daniel Leon, and CTO Nuke Goldstein withdrew ~$56M between May and June 2022 before the lender’s bankruptcy  —  Ex-CEO Alex Mashinsky, ex-CSO Daniel Leon and CTO Nuke Goldstein pulled bitcoin, ether, USDC and CEL holdings from their custody accounts in May …

Nikhilesh De / CoinDesk:
Filing: Vermont says Celsius CEO Alex Mashinsky repeatedly misled investors about the lender’s finances and used its own CEL token to bolster its balance sheet  —  The crypto lender admitted in a recent creditor call that it could not earn enough revenue to support its yields, the Vermont Department of Financial Regulation said.

Adam Morgan McCarthy / The Block:
Mike Novogratz’s Galaxy Digital agrees to buy high-security custodian GK8 from bankrupt crypto lender Celsius; Celsius acquired GK8 for $115M in late 2021  —  – Mike Novogratz’s Galaxy Digital agreed to buy GK8 from Celsius.  — GK8 was originally acquired by Celsius for $115 million in late 2021.

Jeremy Hill / Bloomberg:
A US bankruptcy judge orders Celsius to return ~$50M crypto deposits in non-interest bearing custody accounts, pending a decision on interest-bearing accounts  —  US Bankruptcy Judge Martin Glenn ordered Celsius Network LLC to return cryptocurrency that never touched the lender’s interest-bearing accounts to its customers.

Matt Levine / Bloomberg:
Analysis of FTX’s calamitous balance sheet and Serum, a coin and protocol created by FTX, marked as the largest “deliverable” asset at ~$5.4B before November 8  —  The box  —  There is so much, but I want to start with Serum.  —  If a troubled company has a few days …