Celsius Ex-CEO Dumps About $1M Worth CEL and USDC

• Coffeezilla, an online scam-busting investigator, has brought to light the fact.
• Celsius, meanwhile, has a negative net worth of more than $1.19 billion.

Ex-CEO of the insolvent digital asset lending company Celsius, Alex Mashinsky is purportedly selling Celsius (CEL) tokens. Mashinsky, however, is being scrutinized after the bankruptcy filing and subsequent stoppage of the withdrawal by his company. It was previously claimed that high-ranking Celsius employees took out large sums of money just before the company went bankrupt.

Coffeezilla, an online scam-busting investigator, has brought to light the fact that Celsius’s former CEO is selling off CEL tokens for hundreds of dollars each. Mashinsky’s numerous wallets have been used for the exchanges. On the previous day, he traded about $1 million worth of CEL and USDC tokens.

Customers Left in Disparity

The firm had paused client Custody Withdrawals while officials at Celsius withdrew. An earlier report said that Alex Mashinsky had withdrawn roughly $10 million from the cryptocurrency lending firm. This occurred just before the company filed for bankruptcy after freezing its customers’ accounts.

After seeing a flood of client withdrawals of assets owing to turbulent crypto market circumstances, the former CEO allegedly withdrew the monies. Still, on June 12th, Celsius froze all withdrawals. Later that month, the company that lent digital assets went into bankruptcy. The investigation into Mashinsky’s choices may be expanded in light of the recent disclosures. 

Celsius, meanwhile, has a negative net worth of more than $1.19 billion. In the past day, the value of a Celsius token has dropped by almost 8% on the market. At the time of publication, the token was trading at a mean price of $0.95. Year-to-date, CEL is down 77 percent.

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