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Bitcoin TrendsCelsius (CEL)CryptocurrencyCryptocurrency Trends

Crypto Exchange Celsius Network Bilkes Simon Dixons $8.8 Million

The co-founder and chief executive of a digital investment platform BnkToTheFuture.com Simon Dixon loses $8.8 million on Celsius Network. Dixon posted on his Twitter account on February 25, claiming that the crypto exchange reduced his account balance by $8.8 million to repay a loan he was never granted.

 In his tweet, Dixon relates Celsius’s action as a money embezzlement plot that mirrors the actions of the Bahamian crypto exchange FTX.

Celsius Network Drags Investors to Liquidity

According to Dixon’s discovery, the bankrupt crypto exchange Celsius is considered to battle mismanagement issues exposing the investor to loss of their hard-earned assets. 

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In response to Dixon’s tweet, a devastated investor, Renato, lamented experiencing a similar case with Celsius. Renato termed Celsius’ unethical move as theft but not a mismanagement concern. 

A subsequent tweet from a Celsius investor who claimed to have fully settled a loan with a crypto exchange lamented that the firm wrongly updated its system. The troubled investor provided supporting documents to reveal his credit score with the crypto exchange.

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Following the investors’ testimonies, crypto fan Tony V remained optimistic that Celsius Network will soon fix the errors.

Dixon Suffers Huge Losses

As per Dixon’s tweet, he laments that the day he was grieving his father’s death, the Celcius team ripped $8.8 million from his account, which translates to 289 Bitcoins (BTC). Dixon claimed that the amount he lost on Celsius was equal to the withdrawals made by the chief executive of the crypto exchange Alex Mashinsky before the freezing of the accounts.

Recently, Dixon confessed to having a phone conversation with Mashinsky in an attempt to restore the operation of a bankrupt crypto exchange. 

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Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

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