The wrong and deceptive management behavior led to the revelation of the former CEO of Celsius against the company. According to Timothy Cradle, the CEL token price is manipulated.
Speaking to CNBC, a former CEO of Celsius claimed that the company was actively involved in manipulating the price of the CEL token.
The revelation of the former CEO of Celsius
Timothy Cradle worked at Celsius for more than two years. He first started as an AML analyst at Celsius. After a short period of time, Timothy was selected as the head of the company’s monitoring department. In the next stage, he took the position of director of financial crimes and then worked as the director of Celsius Company for three months.
On June 13 (June 23), Celsius company stopped the ability to withdraw, exchange and transfer funds to prove its activity. In the last weeks of Celsius activity, many users reported problems with withdrawing their funds. This event fueled rumors of the company’s bankruptcy. At that time, Alex Mashinksy was CEO of Celsius. He denied the claims related to the bankruptcy of the company and attributed the criticism of users of the poor performance of the CEL token to unknown and destructive entities.
Before the onset of crypto winter, Celsius was heavily involved in risky and leveraged trading. With the onset of crypto winter, Celsius’ strategies have undergone a change. The company filed for bankruptcy on June 14, ending speculation that the company would resume operations. The existence of a deficit of 1.2 billion in the balance sheet of Celsius has caused a wave of concern among users.
CEL native token manipulation
The main subject of the disclosure was the former CEO of the Celsius native token CEL. Cradle stated that he first encountered the suspicious actions of Celsius executives during the 2019 Christmas party. According to Cradle, senior executives were talking about “intentional price movements” in the CEL token in 2019. According to Cradle, these conversations are considered a “freak” event.
In 2020, the price of native CEL token increased. In September 2020, CEL’s impressive upward trend began, and on June 4, 2021, this token reached a historic high of $8.05. Since then, the price of CEL has been continuously falling. The price of each unit of this cryptocurrency on June 14, 2021 was equal to $0.28.
Any attempt to interfere with the free and fair operation of the market is called price manipulation. According to famous cryptocurrency entrepreneur Erik Read, there are certain rules against market price manipulation, but none of these rules are specific to digital currencies. The disclosure of the former CEO of CELSIVIS shows that the management of this company has clearly used the capital of customers to manipulate the price of the CEL token. Cradle further added:
I don’t know what better way to express this point; But they were active in the market, trading and increasing the price of the CEL token with their deceptive practices. Celsius company culture does not pay much attention to compliance.
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Source: cryptoslate