Celsius Suffered A Loss Of Over US$350 Million in DeFi.
According to a research by blockchain analytics firm Arkham Intelligence, Celsius deployed over $1 billion in assets in decentralized finance (DeFi) and lost over $350 million.Â
According to the report, Celsius transferred over US$530 million in corporate assets to an asset manager that utilized “high-risk leveraged crypto trading strategies.” Jason Stone, CEO of investment firm KeyFi, was identified as the asset manager in question by Arkham.
According to the report, the trades resulted in forced liquidations totaling US$61 million and overall apparent losses of US$350 million. According to the data, of the more than $1 billion invested in DeFi, Celsius lost more than $100 million due to hacks.
When the market crashed in early June, putting Celsius at risk of liquidation, the business put in around US$750 million to retain the holdings, “potentially playing a key role in forcing them to freeze withdrawals,” according to the study.
Despite owning billions of dollars in its native cryptocurrency CEL, the company spent more than US$350 million on buying the token from exchanges.
According to the report, Celsius CEO Alex Mashinsky sold $45 million in CEL tokens, often on the same markets as Celsius used corporate funds to purchase CEL.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Celsius Suffered A Loss Of Over US$350 Million in DeFi.
According to a research by blockchain analytics firm Arkham Intelligence, Celsius deployed over $1 billion in assets in decentralized finance (DeFi) and lost over $350 million.Â
According to the report, Celsius transferred over US$530 million in corporate assets to an asset manager that utilized “high-risk leveraged crypto trading strategies.” Jason Stone, CEO of investment firm KeyFi, was identified as the asset manager in question by Arkham.
According to the report, the trades resulted in forced liquidations totaling US$61 million and overall apparent losses of US$350 million. According to the data, of the more than $1 billion invested in DeFi, Celsius lost more than $100 million due to hacks.
When the market crashed in early June, putting Celsius at risk of liquidation, the business put in around US$750 million to retain the holdings, “potentially playing a key role in forcing them to freeze withdrawals,” according to the study.
Despite owning billions of dollars in its native cryptocurrency CEL, the company spent more than US$350 million on buying the token from exchanges.
According to the report, Celsius CEO Alex Mashinsky sold $45 million in CEL tokens, often on the same markets as Celsius used corporate funds to purchase CEL.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
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