Report: Celsius CEO is accused of overseeing the trading strategy of the company and making risky bets.

 Alex Mashinsky, the Israeli-American founder and CEO of Celsius Network, was in charge of the business' trading strategy, according to a recent study that was released on Tuesday. According to the report, which cited numerous persons with knowledge of the situation, Mashinsky sold bitcoin worth millions of dollars in anticipation of doing so at a discount. However, after the CEO purportedly made this wager, bitcoin markets went in the opposite direction, and the top cryptocurrency asset made some gains.

source: https://bit.ly/3C62EOu

People with knowledge of the Celsius situation claim Mashinsky traded based on "bad information."

The CEO of the troubled and bankrupt cryptocurrency lender Celsius was the subject of an article published on Tuesday by the Financial Times (FT). According to the FT story, which relied on sources familiar with the incident, Mashinsky "took control of Celsius trading strategy" months before the business sought bankruptcy protection. The CEO and creator of Celsius allegedly lost a lot of money on several failed wagers involving significant amounts of bitcoin (BTC) and other assets.

One of the participants mentioned in the article claimed, "He was telling the traders to massively sell the book off upon incorrect information." He was carrying substantial amounts of bitcoin, the unnamed person continued. The Celsius CEO's viewpoint may have been expressed aloud, but another person FT cited in the piece insists that "[Mashinsky] was not directing the trading desk."

Despite the individual's assertion to the contrary, persons with knowledge of the situation who wish to remain unnamed told FT that Mashinsky frequently "clashed" with the business's prior CIO. Mashinsky's apparent involvement in particular Celsius deals raised controversy. Another unnamed source stated, "He had a high belief of how severe the market may swing south," in the August 16 article. The source continued, "He wanted us to start reducing risk any way Celsius could.

The accusations against Mashinsky come after consumers of the cryptocurrency loan company wrote petitions to the bankruptcy court and begged the authorities to return their money. Customers spoke about their financial struggles as a result of Celsius suspending their cash and stressed how urgent it was to get their money back. Customer Brandon Lawrence of Celsius, for instance, wrote:

"I am one of the little guys … It was my nest egg. Now when I go to work, I drink water and eat any scraps I can find for lunch … I am in deep depression and do not know if I can pull myself out of this."

The distributed ledger company Ripple was "interested in learning about Celsius and its assets," a Ripple Labs spokeswoman told Reuters five days ago. Since Voyager Digital, Babel Finance, Three Arrows Capital (3AC), Hodlnaut, and Vauld have all experienced financial difficulties this year, Celsius is one of many troubled cryptocurrency businesses in 2022. To resolve their insolvencies, the majority of these businesses have turned to the courts or financial regulators for assistance.

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