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2022 will undoubtedly be remembered as one of the worst years for the crypto industry. Although acquisition grabbed center stage, losses quickly followed. Furthermore, the demise of Terra and the Celsius Network intensified the market turbulence. Once the crypto-verse began to recover, Celsius decided to halt transfers, claiming “severe market circumstances.”
The unexpected news prompted the community to declare the site bankrupt.
Rejecting these reports, Celsius Network CEO Alex Mashinsky stated that the money was secure and that the company was working tirelessly to resolve the problem. But, unfortunately, things appear to be changing dramatically.
Today morning, crypto expert Mike Alfred announced on Twitter that Mashinsky was allegedly attempting to escape the country.
As stated in the above tweet, it is unclear whether the Celsius CEO was imprisoned or prohibited from going abroad. Therefore, these charges are also false. According to Alfred’s sources, Mashinsky was on his way to Israel.
Alfred also commented on Celsius’s entire mess of halted transactions and Mashinsky’s lack of response. As per Alfred, withdrawals were frozen in Celsius. Only two weeks earlier, Alex Mashinsky deceived consumers regarding protecting their assets.
Alfred further claims that Mashinsky has vanished, nor is there any indication that the consumer’s money would be returned in the foreseeable future. Therefore, the case is now with the attorney for the greater good.
Although investors were panicking, Celsius is still out there seeking bankruptcy professionals. According to reports, the system accepted restructuring experts from both companies Alvarez & Marsal.
Celsius (CEL) Price Drops 19%
As though the market crash wasn’t bad already, Celsius’ native cryptocurrency, CEL, suffered a severe fall. The cryptocurrency is still over 90% behind its all-time high of $8.02.
CEL is valued at a low of $0.7977 at time of writing, which is down 19% in the previous 24 hours.