While a group of traders has been busy pumping the bankrupt crypto lender Celsius Network’s CEL token in a short squeeze, founder and CEO Alex Mashinsky cashed out some of his CEL token holdings, which have multiplied in value even as his company struggles.
Blockchain data shows a crypto address identified by crypto intelligence firms Nansen and Arkham Intelligence as Mashinsky’s made its first transactions since late May.
The wallet sold CEL tokens in multiple transactions Saturday and Tuesday, swapping 17,475 CEL for $28,242 worth of ether (ETH) on the decentralized exchange UniSwap, according to blockchain data tracer Etherscan.
Mashinsky’s transfers came as he and his beleaguered enterprise gear up for a second hearing in a federal bankruptcy court in New York next week. At the same time, the Unsecured Creditors Committee (UCC) formed to protect the interests of those who deposited money on the Celsius platform, is preparing to investigate Mashinsky and other insiders.
Celsius...
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