How Celsius Founder Lost Millions In Crypto By Taking Over Trading Strategy
A new report from the Financial Times has shed more light on the downfall of the crypto lending company Celsius Network. Founded by Alex Mashinsky, the company has been affected by the downside trend in the sector and was forced to halt all operations, negatively impacting their clients, and filed for bankruptcy. Related Reading: Shiba Inu Trends Upwards Through Strong Whale Accumulations The report claims that Mashinsky took over the company’s trading strategy back in January 2022. At that time, the price of Bitcoin was hovering around $35,000 to $40,000, and the crypto market was coming....
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Crypto lender Celsius has gone on the offensive against former staking and DeFi strategy associate KeyFi and its CEO, which had sued it a week before it went bankrupt. Bankrupt crypto lending company Celsius countersued decentralized finance (DeFi) protocol KeyFi and its CEO Jason Stone on Tuesday in the United States Bankruptcy Court claiming Stone misrepresented himself as an expert in DeFi, and that Stone and KeyFi hadlost Celsius coins through incompetence and deceit. The suit came several weeks after KeyFi sued Celsius for allegedly failing to honor a profit-sharing agreement. KeyFi....
According to a recent report published on Tuesday, the Israeli-American founder and CEO of Celsius Network, Alex Mashinsky, was in charge of the company’s trading strategy. The report, citing multiple people familiar with the matter, said Mashinsky sold millions of dollars’ worth of bitcoin in anticipation to buy bitcoin cheap. Except after the CEO allegedly placed this bet, bitcoin markets followed the opposite trend, and the leading crypto asset accumulated some gains.
People Familiar With the Celsius Situation Say Mashinsky Was Trading on ‘Bad....
Roughly seven weeks after Keyfi founder Jason Stone filed a lawsuit against the crypto lender Celsius, the company has filed a countersuit against Stone claiming that he stole millions from Celsius wallets and allegedly “pocketed seven-figure returns.” Stone’s attorney Kyle Roche says the lawsuit is an attempt to “rewrite history,” and to use Stone as a “scapegoat” for the company’s financial troubles. Celsius Countersues Keyfi Founder Jason Stone The troubled crypto lender Celsius has filed a lawsuit against a former employee Jason....
One person familiar with events at Celsius reportedly said CEO Alex Mashinsky was “slugging around huge chunks of Bitcoin” and ordering trades based on bad information. Celsius CEO Alex Mashinsky reportedly “took control” of trading strategy at the crypto lending firm amid January rumors the United States Federal Reserve planned to hike interest rates.According to a Tuesday report from the Financial Times, Mashinsky personally directed individual trades and overruled financial experts in an effort to protect Celsius from anticipated declines in the crypto market. The Celsius CEO reportedly....
The BadgerDAO attack has reportedly impacted Celsius Network for more than $50 million, sources suggest. Cryptocurrency lending platform Celsius has reportedly lost over $50 million in the exploit of decentralized finance (DeFi) protocol BadgerDAO.As reported by Cointelegraph on Dec. 2, the attack targeted the protocol on the Ethereum network, reaping an unconfirmed $120 million in assets.According to one Redditor, the biggest alleged victim of the hack was an address that lost 896 Wrapped Bitcoin ($51 million). The address is supposed to be owned by Celsius “since it has interacted with....