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Home News Latest News

Celsius Creditors Suspect FTX Users of Manipulating CEL Token Price; Seek Judge’s Help to Identify Them

27 April 2023
in Latest News, News
Reading Time: 3 mins read
107 1
Celsius Creditors Suspect FTX Users of Manipulating CEL Token Price; Seek Judge’s Help to Identify Them

Source: ethereumworldnews.com

The Creditors of Celsius Network have claimed that some FTX users were involved in dubious transactions that might have influenced the price of the Celsius (CEL) token in 2022. 

On April 26, 2023, the creditors, represented by a committee, filed court documents requesting subpoenas to obtain information from FTX to aid their investigation. The information will help determine whether the trades were legitimate or constituted market manipulation, such as wash trading.

The committee engaged the services of Blockchain consultant firm, Elementus to identify the suspicious transactions. In the court filing, it was noted that Elementus had detected 947 transactions between ten private wallets and ten FTX-operated wallets, where there was a nearly “one-to-one relationship of CEL Token deposits and withdrawals over three-day” periods. These suspicious exchanges of CEL coins were carried out between April and August 2022.

The committee emphasized the importance of getting information from FTX to determine whether trades involving CEL tokens were intended to artificially inflate its price. According to the court documents, they also asked that FTX provide details on any short positions put on CEL that would have had a negative impact on its price. 

Meanwhile, DeFi Planet reported that Signature Bank held funds for Celsius Network, and the bank was shut down in March 2023 by the Federal Deposit Insurance Corporation (FDIC) and New York regulators on the grounds that it posed a systemic risk to the American economy. On March 19, 2023, Flagstar Bank reached an agreement with the regulators to take over Signature Bank’s non-cryptocurrency-related deposits worth $38.4 billion and loans amounting to $12.9 billion. 

The Celsius Official Committee of Unsecured Creditors, an organization advocating for the rights of account holders, reassured users that all depositors would receive full reimbursement but refused to disclose the amount held by the now-defunct bank.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: CelsiusFTX
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Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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