Tuesday, December 6, 2022
HomeAltcoinsEx-Celsius CEO sells out CEL and USDC tokens worth of $1 million

Ex-Celsius CEO sells out CEL and USDC tokens worth of $1 million

On October 11, Coffeezilla, an internet fraud investigator, via tweet revealed the sale of CEL tokens by Alex Mashinsky Celsius former CEO, for hundreds of dollars. 

CEL tokens

The transactions took place using a variety of wallets owned by Mashinsky. He traded around $1 million worth of CEL and USDC tokens the day before.

Alex Mashinsky, the former Celsius CEO, is reportedly selling Celsius (CEL) tokens. Nevertheless, Mashinsky is being investigated in the midst of his company’s bankruptcy filing and subsequent stopping of the withdrawal. 

It was alleged that senior workers at Celsius withdrew huge funds before the firm became insolvent.

While Celsius officials withdrew the funds, the firm suspended client custody withdrawals. According to an earlier report, Alex Mashinsky withdrew almost $10 million from the cryptocurrency lending business. This happened right before the business froze the accounts of its clients and filed for bankruptcy.

The former CEO reportedly withdrew the money after witnessing client withdrawals, as a result of the volatile cryptocurrency market conditions. 

Still, all withdrawals were frozen on June 12 by Celsius. Later on in the same month, the business that had lent the digital assets become insolvent. The latest findings may lead to a wider investigation into Mashinsky’s decisions.

On the other hand Celsius worth got reduced to over $1.19 billion.  In the previous few days, Celsius token’s market value has declined by roughly 8%. 

At the time of writing, the token is trading at an average price of $0.88. CEL has declined by 77% so far this year.

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