Never a dull day in cryptos – The setbacks of the Celsius crypto lending platform come back to the fore as his token has taken more than 4,000% in the past two months. According to close sources quoted by the Financial Times, Alex Mashinky would have taken over the trading of the company.
The revelation seems barely believable, but could shed even more light on Celsius’ internal dysfunctions. Last January, the CEO would have gathered the team of the investment cell to inform them that he was henceforth taking the control over the trading strategy.
Mashinsky would then have directly taken control of several trades undertaken on behalf of Celsius. He therefore went beyond the organization chart and acted without the approval of his financial directors and qualified executive staff. He has among other things sold for several million dollars of bitcoins, ignoring the strategies already in place.
Celsius recorded $50 million losses that month, although it is still difficult to quantify the CEO’s share of responsibility. Be that as it may, the Celsius affair is not over and we risk learning more about it in the coming weeks. Between the freezing of user funds, disturbing personal transactions of Mashinsky, the addition begins to be salty. Especially if we add the gaping hole that counts in billions in the boxes.
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