Celsius CEO Reportedly on the Run
- Big financial institutions including Goldman Sachs have offered to purchase Celsius assets.
A popular crypto analyst, identified as Mike Alfred has accused the CEO of Celsius network, Alex Mashinsky of attempting to abscond from the United States to Israel. Alfred made the claim in a series of Twitter posts shared on his official handle on Monday. According to him, the CEO made futile efforts to go on the run through the Morristown airport before being intercepted by the authorities.
Why Celsius CEO is a Trembled Man
Celsius is facing a complicated liquidity crisis. The situation has compelled Celsius to suspend withdrawals. Nonetheless, the company is likely to get a bailout from crypto venture capital. Remember, the lending firm holds digital assets at risk of liquidation.
Notably, big financial institutions including Goldman Sachs have offered to purchase Celsius assets, at a lower price most probably.
Nevertheless, the firm allocated approximately $320 million in assets to pay down loans on June 13. More so, Celsius recently obtained the services of Akin Gump Strauss Hauer & Field lawyers to unravel its financial crisis.
The platform is facing a series of investigations, across various jurisdictions in the United States.
Mashinsky’s need to run shows the imbalance of global crypto regulations. Furthermore, the need to run away would not arise in the first place. With Bitcoin (Btc) price uncertainty and likely to fall further, the Celsius situation is perhaps getting worse.
By trying absconding to Israel in the wake of the ongoing liquidity and legal crises bedeviling his firm. The crypto analyst queried the decision of Celsius to suspend withdrawals on its network despite claiming funds belonging to users are safe.
The crypto lending platform has remained silent up to this moment, a development which has continued to create palpable tensions among its investors.
Side Notes,
According to market data provided by CoinGecko, Celsius native token (CEL) is trading around $0.777469, down 20 percent in the past 24 hours. Worth noting, CEL token once traded around $8.05, about a year ago.
The recent headwinds have taken away over 90 percent of the company’s value. A major wipe out indeed.
Nevertheless, the coin is up approximately 2,902 percent from its all-time low $0.026. One of the main indicators institutional investors are likely looking for in the Celsius network. Moreover, the rise depicts a vibrant community.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
