Monday, February 26, 2024

Celsius Denied Allegations On Mashinsky Trying To Flee The US

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Celsius denied allegations on CEO Alex Mashinsky trying to flee the US, saying that he continued to work on recovering the operations of the platform as we can see more today in our latest cryptocurrency news.

The troubled crypto lending company Celsius is putting a foot up to recover operations alongside CEO Alex Mashinsky who stays in the US right now. Celsius denied allegations that the CEO is trying to flee the US amid the ongoing liquidity crisis of the network. The company representative said that the company is working hard to restore liquidity:

“All Celsius employees — including our CEO — are focused and hard at work in an effort to stabilize liquidity and operations. To that end, any reports that the Celsius CEO has attempted to leave the U.S. are false.”

Celsius’s statement came after Mike Alfred, the co-founder of Digital Assets Data, claimed that Mashinksy tried to leave the country last week via New Jersey. Alfred alleged that the CEO was trying to go to Israel but it is unclear at the moment whether he was arrested or only barred from leaving. His claims followed a huge Gamestop-like short squeeze of Celsius with the token CEL jumping 300% in one week and then the price rallied 600% in June with analysts attributing the event to the exchange glitch.

At the time of writing, CEL was trading at $0.741 or down by 5% over the past day and the native token is still up by 160% in the past 2 weeks. Some industry observers in the community expressed skepticism about the tweets about Mashinsky with many considering his allegations as FUD. Celsius officially announced that it will be stopping all withdrawals, swaps, and transfers and the US regulators started an investigation into Celsius as multiple accounts got frozen already. According to some analysts, Celsius’ liquidity issues can be attributed to shortcomings of the crypto lending model in general as other lenders on the marekt faced similar issues.

alex mashinsky, celsius, CEL, insurance
Alex Mashinsky

Celsius has been working hard to fix the consequences of the liquidity crisis and onboarded advisers and consultants to help the platform handle the filign for bankruptcy. Celsius lead investor BnkToTheFuture also offered to assist the network with a new recovery plan.

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