As the details of the recent arrest of the Celsius founder and the lawsuit of the SEC against him continue to emerge, "Smart Money" wallet tracker @lookonchain has reported that Alex Mashinsky dropped a large amount of Celsius (CEL) tokens as early as the start of the winter this year.
In February, Mashinsky dumped all of his stash of 90,000 CEL for 48,018 USDC. After that, he moved these stablecoins to the Coinbase exchange.
Now, the man's wallets contain as little as approximately $5,000 in cryptocurrencies.
Former Celsius CEO Alex Mashinsky sold all 90,000 $CEL for 48,018 $USDC on Feb 11, then deposited all 48,018 $USDC to #Coinbase.— Lookonchain (@lookonchain) July 13, 2023
Currently, 9 wallets of Alex Mashinsky only hold ~$5K in assets.https://t.co/kzWBm4NYtT pic.twitter.com/MMkNJJ34eN
As covered by U.Today earlier, today Mashinsky was arrested as part of the lawsuit initiated by the SEC against him and the bankrupt company Celsius, which shut down its business last year. The collapse happened after the crash of Terra's coin LUNA and UST stablecoin in May.
Celsius was then unable to deal with a massive wave of customers withdrawing their funds. Prior to that, it offered up to 17% for their crypto deposits.
Now, Bloomberg Terminal has reported that according to the SEC, Mashinsky and Celsius manipulated the price of CEL on the cryptocurrency market. Now, the Federal Trade Commission (FTC) has banned Celsius Network from trading and fined it for $4.7 billion.
CELSIUS NETWORK BANNED FROM TRADING, FINED $4.7B BY FTC— *Walter Bloomberg (@DeItaone) July 13, 2023