Former employees and internal documents suggest a reckless pursuit of high returns put Celsius in a poor position to ride out this year\u0027s market turbulence. Read more here
While the company was buying, top executives were selling. On the same day Leon posted his video touting the future of crypto, Celsius trading records show that he sold US$1.8 million of CEL back to the company — one of 16 disposals of CEL by Leon to Celsius between October 2020 and August 2021 that generated US$11.5 million in total. Leon did not respond to requests for comment.
Nuke Goldstein, a Celsius co-founder who calls himself “el presidente of innovation,” sold US$4.1-million worth of CEL between November 2020 and May 2021. In an email response to the FT, Goldstein said he was seeking permission to comment from Celsius. In May, he tweeted “my rewards created an enormous tax liability and I was selling some to cover and hedge,” adding that he saw “no logic” in claims that Celsius’s founders were selling CEL to line their pockets.
Mashinsky promoted the business using the rhetoric of rigged systems and greedy bankers. In video addresses and online Q&As, he claimed to be delivering financial freedom to his community. “There is a continuing squeeze of the 99 per cent by the one per cent to extract more profit,” he told the FT last year. By contrast, he said, Celsius was funnelling interest back to its customers. “We are actually safer than most banks,” he said in a 2020 interview.
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