Former Celsius CEO Dumps $480K Worth CEL in Past 4 Days
- PeckShield Alert shared that the former Celsius CEO has transferred the amount 4 years ago from a Celsius wallet.
- The CEL token experienced a 4% loss in value after the sale.
Crypto investigation Twitter account, PeckShield Alert tweeted that an Alex Mashinsky-labeled address sold 90,000 CEL for 480,000 USDC over the span of the last 4 days. The amount was transferred to Coinbase with $474.7k.
According to data from CryptoSlate, the CEL coin has suffered as a result of the sales, falling by about 4% in the last day to $0.51774 as of press time.
As per Mashinsky and other senior executives of the insolvent company, Celsius, the court-appointed independent examiner found that the sales of CEL tokens had been profitable. According to the study, Mashinsky earned $68.7 million individually from the token sales.
Research indicates Celsius ran its business like a Ponzi scheme and used consumer funds to support its coin. Since leaving his job at the company on September 17, 2022, Alex Mashinsky has been the target of numerous accusations of malfeasance.
Additionally, reports suggest that Mashinsky withdrew $10 million from the company a few weeks prior to the company freezing customer funds and declaring bankruptcy. Moreover, the former CEO was charged with deceiving investors and clients.