2022 will undoubtedly be remembered as one of the worst years for the crypto industry. Although acquisition grabbed center stage, losses quickly followed. Furthermore, the demise of Terra and the Celsius Network intensified the market turbulence. Once the crypto-verse began to recover, Celsius decided to halt transfers, claiming “severe market circumstances.”
The unexpected news prompted the community to declare the site bankrupt.
Rejecting these reports, Celsius Network CEO Alex Mashinsky stated that the money was secure and that the company was working tirelessly to resolve the problem. But, unfortunately, things appear to be changing dramatically.
Today morning, crypto expert Mike Alfred announced on Twitter that Mashinsky allegedly attempted to flee the country.
As stated in the above tweet, it is unclear whether the Celsius CEO was imprisoned or prohibited from going abroad. Therefore, these charges are also false. According to Alfred’s sources, Mashinsky was on his way to Israel.
Alfred also commented on Celsius’ whole mess of aborted transactions and lack of response from Mashinsky. According to Alfred, withdrawals were frozen in degrees Celsius. Only two weeks earlier, Alex Mashinsky misled consumers about protecting their assets.
Alfred further claims that Mashinsky has vanished, nor is there any indication that the consumer’s money would be returned in the foreseeable future. Therefore, the case is now with the attorney for the greater good.
Although investors panicked, Celsius is still looking for bankruptcy professionals. According to reports, the system has accepted restructuring experts from the two companies Alvarez & Marsal.
Celsius (CEL) Price Drops 19%
As though the market crash wasn’t bad already, Celsius’ native cryptocurrency, CEL, suffered a severe fall. The cryptocurrency is still over 90% behind its all-time high of $8.02.
CEL is valued at a low of $0.7977 at the time of writing, which is down 19% in the previous 24 hours.
