coinedition.com
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.
#PeckShieldAlert Alex Mashinsky-labeled address sold 90k $CEL for 480k $USDC in the past 4 days & transferred them to Coinbase (w/ $474.7k)
— PeckShieldAlert (@PeckShieldAlert) February 14, 2023
These $CEL originated from 0x4833, which received 90k $CEL (valued at $5.3k on the day of transfer) from Celsius Network Wallet 4 years ago pic.twitter.com/n0uJMlVmhp
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.