Coffeezilla calls out Celsius founder Alex Mashinsky for dumping CEL tokens


Crypto scam detective Coffeezilla has called out Celsius founder Alex Mashinsky for allegedly dumping over 10,000 CEL tokens, in the early hours of Oct. 11.

Alex Mashinsky has been at the receiving end of accusations that his poor leadership and mismanagement contributed to pushing Celsius into bankruptcy.

Coffeezilla shared a tweet alleging that Alex Mashinsky was dumping thousands of CEL tokens across multiple wallets.

The address labeled Mashinsky Cashout Wallet which Coffeezilla claimed to belong to the Celsius founder moved about 10,000 CEL tokens on Oct. 11.

Mashinsky’s wallet identified by leading data analytics platform Nansen shows that on Oct. 11, about 10,000 CEL tokens were swapped for approximately $9300 USDC. The wallet currently holds 170,000 CEL and about $23.863, adding up to $186,578.

Cashout by Celsius executives

Despite freezing withdrawals for Celsius customers since June, top executives of the bankrupt crypto lender have reportedly been cashing out at the expense of customers’ funds.

Shortly before Celsius filed for bankruptcy, Alex Mashinsky withdrew about $10 million. Mashinsky however claimed he made the withdrawals to take care of tax expenses. On Aug. 8, Mashinsky’s wallet on Nansen showed he withdrew an additional $28,242.

Reports also emerged that former Celsius CSO Daniel Leon withdrew about $7 million and an additional $4 million (in CEL tokens) back in May.

Celsius creditors and KYC risk

Most of the questionable withdrawals by Celsius executives were revealed in a 14,000-page document filed by Celsius as part of the bankruptcy process.

While the document has helped unmask bad actors like Alex Mashinsky, the crypto community has blasted the team for exposing Creditor’s KYC details.

Many Celsius creditors have expressed fear about their safety as the document details their personal data which could be hijacked by bad actors.


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