A $CEL address attributed to the CEO of Celsius Alex Mashinsky, by crypto intelligence firms Nansen and ARKHAM Intelligence, sold some of its holdings for the first time since the beleaguered lender Celsius halted withdrawals and subsequently filed for bankruptcy.
Celsius’ CEO Dumps His $CEL Tokens
It appears Mashinsky is taking advantage of a CEL community driven short squeeze which saw the price of the token rise to about $2 from a previous $0.15, after Celsius’ troubles began in late May to early June.
According to blockchain data explorer and analytics platform Etherscan, Mashinsky’s wallet sold CEL tokens in several transactions between Saturday and Tuesday, swapping 17,475 CEL for $28,242 worth of ether (ETH) on the decentralized exchange UniSwap.
Mashinsky is reportedly one of the largest individual CEL holders after Celsius’ treasury, as shown on the public listing on Celsius’ webpage previously. The CEO was found to hold more tokens than the next four holders combined.
The specific wallet that made the recent transactions holds about $1.1 million in CEL tokens and some ETH and USDC as at press time, according to Nansen’s portfolio tracker.
