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Crime and Investigations

Celsius’ Former CEO Dumps CEL Tokens for $60 Million Profit – Independent Examiner

Celsius’ Former CEO Dumps CEL Tokens for $60 Million Profit – Independent Examiner

A court-appointed examiner shared his findings on the sales of Celsius tokens (CEL) by former CEO Alex Mashinsky.

There were allegations of fraud and profiting $68.7 million from the sales that have negatively impacted the token’s value.

Profits from sales

A court-appointed independent examiner stated that Alex Mashinsky, former CEO of Celsius, profited over $60 million from his Celsius tokens (CEL) sales.

Token sale by former CEO

A wallet related to Mashinsky reportedly sold 90,000 CEL tokens for $480,000. The sales originated from wallet “0x4833,” which received the assets directly from Celsius Network Wallet four years ago.

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Allegations of Wrongdoing

The independent examiner reported that Celsius used its customer funds to prop up its token, noting that the business operated like a Ponzi scheme.

Mashinsky and other top executives of the bankrupt firm reportedly benefitted from the sales of CEL tokens.

Since resigning from his position at the firm on Sept. 17, 2022, Mashinsky has faced multiple allegations of wrongdoing.

Reports reveal that he withdrew $10 million from the firm a few weeks before it froze customer funds and filed for bankruptcy. He has also been accused of defrauding investors and misleading customers.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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