Celsius former CEO wallet dumps $480k in CEL token selloff

A wallet related to Celsius former CEO Alex Mashinsky reportedly sold 90,000 Celsius tokens (CEL) for $480,000, blockchain analytical firm Peckshield reported on Feb. 14.

The sold tokens originated from wallet “0x4833,” which received the assets directly from Celsius Network Wallet four years ago.

The sales appear to have negatively impacted the CEL token — dropping by roughly 4% in the last 24 hours to $0.51774 as of press time, according to CryptoSlate data.

The court-appointed independent examiner for Celsius said Mashinsky, and other top executives of the bankrupt firm, had benefitted from the sales of CEL tokens. The report said Mashinsky personally gained $68.7 million from the token sales.

The report added that Celsius had used its customer funds to prop its token and that the business operated like a Ponzi scheme.

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

Reports revealed that Mashinsky withdrew $10 million from the firm a few weeks before it froze customer funds and filed for bankruptcy. The former CEO was also accused of defrauding investors and misleading customers.