Celsius CEO began selling CEL tokens amid the rise in the asset’s rate

Alex Mashinsky exchanged 17 475 CEL for ETH worth $28 242

10.08.2022 - 13:10

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2 min

What’s new? Analytics companies Nansen and Arkham Intelligence recorded several transactions that were made through an address associated with the head of the bankrupt lending platform Celsius Network Alex Mashinsky. According to Etherscan, he exchanged 17 475 Celsius’ (CEL) native tokens for ETH worth $28 242. According to CoinGecko, the asset is trading at $1,97 as of August 10, at 13:05 UTC, having gained 65,1% over the past week. According to EWN, Mashinsky is the largest holder of CEL after the Celsius treasury.

EWN’s material

Celsius situation. On July 13, a month after freezing customer funds, Celsius settled its debts to creditors, returned collateral totaling more than $1 billion, and filed for bankruptcy to restructure. At the first court hearing, Celsius’ lawyers said that most of the user funds on the platform were actually at the company’s disposal.

On August 8, Celsius’ creditor committee launched an investigation into the head and insiders of the platform. The group intends to identify potential misconduct on the part of Mashinsky. The committee aims to compensate account holders and unsecured creditors, as well as explore options for further business development.

For more details on what led to the collapse of Celsius, one of the largest crypto lenders, see GetBlock Magazine’s feature.

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