Ex-CEO Celsius Issues 90,000 Tokens, CEL Price Drops 1%

Wallets linked to former Celsius CEO Alex Mashinsky reportedly sold 90,000 Celsius (CEL) tokens for $480,000, blockchain analytics firm Peckshield reported Feb. 2.

The tokens sold came from the “0x4833” wallet, which received assets directly from the Celsius web wallet four years ago.

The sales appear to have had a negative impact on CEL – down around 1% over the past 24 hours to $0.51774 at press time.

Source: TradingView

The court-appointed Celsius independent validator said Mashinsky and other executives at the bankrupt company benefited from the CEL token sale. Mashinski personally earned $68.7 million from the operation, the report said.

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The report added that Celsius used customer funds to back its token and that the business was operating like a Ponzi scheme.

Meanwhile, Alex Mashinsky faces multiple misconduct allegations since his resignation from the company on September 17, 2022.

Mashinsky withdrew $10 million from the company weeks before it froze client funds and filed for bankruptcy, reports show. The former CEO has also been accused of defrauding investors and defrauding customers.

  • Court-appointed validator confirms Celsius acts as Ponzi scheme
  • At least 5 companies submitted bids for Celisus properties, but most were ‘ignored’

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according to AZCoin News


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