Celsius CEO Personally Directed Crypto Transactions Months Before Bankruptcy: Report
A person familiar with the events at Celsius reportedly said CEO Alex Mashinsky was "dragging huge chunks of Bitcoin" and ordering transactions on the basis of bad information.
New
Celsius CEO Alex Mashinsky reportedly 'took control' of the crypto lending firm's business strategy amid rumors in January that the US Federal Reserve was planning to raise interest rates.
According to a Tuesday report by the Financial Times, Mashinsky personally directed individual trades and canceled financial experts in an effort to protect Celsius from anticipated crypto market declines. The CEO of Celsius reportedly ordered the sale of "hundreds of millions" of Bitcoin (BTC) in one instance, buying the coins back less than 24 hours later at a loss.
Alex Mashinsky took control of Celsius' business strategy months before bankruptcy https://t.co/AnydQiZLCC
— Financial Times (@FT) August 16, 2022Mashinsky's actions also reportedly affected his professional relationship with Frank van Etten, then Celsius's chief investment officer, with whom he "got into several arguments" over business strategy. The Financial Times reported that a person familiar with the matter said the CEO of Celsius "has a strong belief in the seriousness of the market's southward move" and wants staff to "start de-risking" all possible ways ahead of the Fed meeting.
Reports at the time suggested that the Federal Reserve might implement rate hikes in January, but the central bank did not confirm that it would do so until March. Although there is still some volatility in the crypto market after the announcement, the price of major tokens has not fallen for two months, with
A person familiar with the events at Celsius reportedly said CEO Alex Mashinsky was "dragging huge chunks of Bitcoin" and ordering transactions on the basis of bad information.
New
Celsius CEO Alex Mashinsky reportedly 'took control' of the crypto lending firm's business strategy amid rumors in January that the US Federal Reserve was planning to raise interest rates.
According to a Tuesday report by the Financial Times, Mashinsky personally directed individual trades and canceled financial experts in an effort to protect Celsius from anticipated crypto market declines. The CEO of Celsius reportedly ordered the sale of "hundreds of millions" of Bitcoin (BTC) in one instance, buying the coins back less than 24 hours later at a loss.
Alex Mashinsky took control of Celsius' business strategy months before bankruptcy https://t.co/AnydQiZLCC
— Financial Times (@FT) August 16, 2022Mashinsky's actions also reportedly affected his professional relationship with Frank van Etten, then Celsius's chief investment officer, with whom he "got into several arguments" over business strategy. The Financial Times reported that a person familiar with the matter said the CEO of Celsius "has a strong belief in the seriousness of the market's southward move" and wants staff to "start de-risking" all possible ways ahead of the Fed meeting.
Reports at the time suggested that the Federal Reserve might implement rate hikes in January, but the central bank did not confirm that it would do so until March. Although there is still some volatility in the crypto market after the announcement, the price of major tokens has not fallen for two months, with
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