07-23-2022, 12:30 PM
Former Celsius Executive Said CLE Price Was Manipulated
<p>A former Celsius executive revealed that the company may have manipulated the CLE token price. Timothy Cradle started working at Celsius as an anti-money laundering (AML) analyst. After two years Cradle was promoted to Head of Monitoring and then Director of Financial Crimes Compliance for 3 months.</p><p>Going back to 2019, Cradle said he heard senior executives discussing CEL at a Christmas party. He heard the executives discuss deliberate price movements, which he found disturbing.</p><p>While there are rules against market manipulations, there are no specific rules for cryptocurrencies.</p><p>Cradle told CNBC that Celsius allegedly manipulated the CLE price by triggering a rally. “I don’t know what better way to phrase it. But they were in the market, they were actively trading and increasing the price of the token," said Cradle.</p><p>He added that the Celsius compliance department was understaffed with limited resources.</p>'Mining Out of Debt' Plan<p>Celsius applied for Chapter 11 earlier this month. The company owes its users $4.7 billion. The rapid decline in Bitcoin and the company's misjudgment of clients' growth led to the bankruptcy.</p>
<p>source: law firm Kirkland & Ellis</p><p>From the above document, it appears Celsius was unprepared for a downturn in the crypto markets. $720 million are tied to mining equipment.</p><p>Celsius is planning to use bitcoin mining to pay off its debts. The crypto firm asked the court for approval of $5 million for completing the construction of the mining rigs in Texas, which may take 60 days to complete).</p><p>It has been estimated that 43,000 mining rigs will be deployed initially and a total of 112,000 rigs will be available in mid-2023. Celsius expects it will earn 14.2 BTC per day and a total of 10,100 BTC in 2022.</p><p>The next hearing will take place on 10 August 2022.</p><p>Mining your way out of debt will require Bitcoin to hold onto its current levels if not higher. A depreciation in BTC price may burden the company's ability to pay off its debt.</p>
This article was written by Matti Williamson at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...nipulated/
<p>A former Celsius executive revealed that the company may have manipulated the CLE token price. Timothy Cradle started working at Celsius as an anti-money laundering (AML) analyst. After two years Cradle was promoted to Head of Monitoring and then Director of Financial Crimes Compliance for 3 months.</p><p>Going back to 2019, Cradle said he heard senior executives discussing CEL at a Christmas party. He heard the executives discuss deliberate price movements, which he found disturbing.</p><p>While there are rules against market manipulations, there are no specific rules for cryptocurrencies.</p><p>Cradle told CNBC that Celsius allegedly manipulated the CLE price by triggering a rally. “I don’t know what better way to phrase it. But they were in the market, they were actively trading and increasing the price of the token," said Cradle.</p><p>He added that the Celsius compliance department was understaffed with limited resources.</p>'Mining Out of Debt' Plan<p>Celsius applied for Chapter 11 earlier this month. The company owes its users $4.7 billion. The rapid decline in Bitcoin and the company's misjudgment of clients' growth led to the bankruptcy.</p>
<p>source: law firm Kirkland & Ellis</p><p>From the above document, it appears Celsius was unprepared for a downturn in the crypto markets. $720 million are tied to mining equipment.</p><p>Celsius is planning to use bitcoin mining to pay off its debts. The crypto firm asked the court for approval of $5 million for completing the construction of the mining rigs in Texas, which may take 60 days to complete).</p><p>It has been estimated that 43,000 mining rigs will be deployed initially and a total of 112,000 rigs will be available in mid-2023. Celsius expects it will earn 14.2 BTC per day and a total of 10,100 BTC in 2022.</p><p>The next hearing will take place on 10 August 2022.</p><p>Mining your way out of debt will require Bitcoin to hold onto its current levels if not higher. A depreciation in BTC price may burden the company's ability to pay off its debt.</p>
This article was written by Matti Williamson at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...nipulated/