A wallet associated with former Celsius CEO Alex Mashinski has sold 90,000 Celsius tokens (CEL) for $480,000, blockchain analytics firm Peckshield reported on Feb. 14.
The tokens sold originated from wallet ‘0x4833’, which received assets directly from the Celsius Network wallet four years ago.
Turnover appears to have had a negative impact on the CEL token. crypto slate data.
A court-appointed independent examiner for Celsius said Mashinski and other management of the bankrupt company profited from the CEL token sale. According to reports, Mashinsky personally earned $68.7 million from the token sale.
The report added that Celsius was using customer funds to back the token and the business was operating like a Ponzi scheme.
Meanwhile, Alex Mashinski has faced multiple allegations of wrongdoing since resigning from his position at the company on September 17, 2022.
Reports reveal that Mashinsky withdrew $10 million from the company weeks before it froze customer funds and filed for bankruptcy. The former CEO has also been accused of deceiving investors and misleading customers.
