Main navigation

Celsius Founder Dumped His CEL Holdings Before Arrest, Now Fined for $4.7 Billion

Thu, 07/13/2023 - 14:20
article image
Yuri Molchan
Alex Mashinsky got rid of his CEL stash way before he was arrested and sued
 Celsius Founder Dumped His CEL Holdings Before Arrest, Now Fined for $4.7 Billion
Cover image via
Read U.TODAY on
Google News

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.

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.

Shiba Inu Sees Massive Holder Inflow, Smashes Other Milestones Too

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.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at