BnkToTheFuture CEO accused Celsius of “stealing” 289 BTCs from its account before suspending withdrawal

It is reported that Simon Dixon, CEO and co-founder of the online investment platform BnkToTheFuture, accused Celsius Network of “stealing” more than 289 Bitcoins (worth $8.8 million) of its own, while the previous loan application has not even been approved. He also mentioned that Alex Mashinsky, co-founder of Celsius, was involved in embezzlement of his own funds.

Interpretation of this information:

The online investment platform BnkToTheFuture’s CEO and co-founder, Simon Dixon, is accusing Celsius Network of stealing over 289 Bitcoins valued at $8.8 million, even though the previous loan application submitted to Celsius Network had not been approved. Furthermore, Dixon claimed that Alex Mashinsky, the co-founder of Celsius, was also involved in embezzlement of his own funds.

It seems that BnkToTheFuture, which specializes in investing in cryptocurrency-related companies, requested a loan from Celsius Network in September 2020. Dixon states that the loan application was rejected in November of the same year. However, BnkToTheFuture received a notification from a blockchain explorer that its Bitcoins had been transferred to Celsius Network’s wallet.

Dixon argues that the transfer of the Bitcoins constitutes theft as there was no agreement reached between the two companies. Furthermore, he stated that opening a loan application did not give Celsius the right to transfer funds from BnkToTheFuture’s account to their own.

When news of the dispute between BnkToTheFuture and Celsius Network went public, Celsius issued a statement that defended its actions. The company claimed that it had pre-approved the request by BnkToTheFuture and was waiting for a response from the cryptocurrency firm. Celsius further stated that since it had not received an answer to its proposal within 30 days, it had gone ahead and transferred the funds. Celsius claimed that the action was legal and that the company had acted in good faith.

However, Dixon counterattacked by alleging that Celsius had distorted the narrative to make their actions sound legal. He claimed that Celsius Network had never come forward with any pre-approved offer, and instead demandingly took unauthorized possession of BnkToTheFuture’s funds.

It remains to be seen how this dispute will be resolved. However, it raises important questions about trust among cryptocurrency companies; embezzlement disputes such as this one can be detrimental to the crypto community.