Crypto firms off to rocky start in 2023 with outflows, layoffs and a lawsuit

The crypto industry’s woes continued on Thursday, January 5, as plunging deposits, layoffs and a lawsuit added to the tumult of 2022, which was dominated by sinking prices and high-profile bankruptcies.

Another crypto entrepreneur, Alex Mashinsky, the founder and former CEO of Celsius Network, also encountered a legal battle on Thursday. A new lawsuit filed by New York’s attorney general alleges Mashinsky defrauded investors by concealing the failing health of his now-bankrupt cryptocurrency lending platform.

“It serves as a shot across the bow to other founders of entities like this,” said Todd Phillips, founder of Phillips Policy Consulting LLC. The accounts at Silvergate Bank and Farmington State Bank, which does business as Moonstone Bank, held about $143 million, court records showed.

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