Alex Mashinsky, the founder of the bankrupt cryptocurrency platform Celsius, was arrested at noon today. New data about the phenomenon, about which dozens of institutions have sued in the USA, are emerging one after another. On-chain data tracker Lookonchain found that Mashinsky sold a large amount of altcoins in February.
According to the data shared by Lookonchain on Twitter, the crypto phenomenon is 90,000. CEL exchanged his token for 48 thousand USDC. The Celsius founder, who made his transaction via Uniswap, moved his stablecoins to the Coinbase exchange.
In the news we shared on Kriptokoin.com today, we included that most American government institutions, especially the SEC, filed a lawsuit against Alex Mashinsky. The Federal Trade Commission FTC fined Celsius $4.7 billion. The FTC has banned the sunken crypto project from trading.
Why Did Celsius Go Bankrupt?
The leading crypto debt platform Celsius went bankrupt in May. Celsius’ bankruptcy came after the collapse of Terra’s coin LUNA and the UST stable currency. These two altcoins played a big role in the collapse of the platform.
Celsius offered high interest rates to cryptocurrency users. The startup obtained these interest rates by investing the altcoins it collected in other cryptocurrencies. However, Celsius’s assets plummeted after Terra’s altcoins LUNA and UST collapsed. This resulted in Celsius being unable to pay interest to its users and going bankrupt.
After the news of the arrest, CEL gained an interesting value. The cryptocurrency is currently trading around $0.168.
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