In a recent development, crypto lending firm Celsius Network has transferred around $30 million worth of crypto assets, including Ethereum (ETH) and stablecoins, amid its ongoing legal battles. The company also transferred a significant amount of its CEL tokens, representing almost the total supply of CEL tokens in existence. This move has raised speculation about the company’s intentions, with some suggesting that it may be looking to offload these tokens, although their value has plummeted by over 98%. Celsius Network plans to shut down its app in November and repay its customers before launching a new creditor-owned company called “NewCo.” The founder of Celsius, Alex Mashinsky, is currently facing charges of securities fraud, commodities fraud, and wire fraud, with his trial scheduled for September 2024. It is worth noting that Mashinsky’s close associate, the former Chief Revenue Officer of Celsius, has already pleaded guilty to criminal charges.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	negative
Relevance Score	1
People	Cam Crews, Alex Mashinsky, Sam Bankman-Fried, SBF, Roni Cohen-Pavon
Companies	Fireblocks, Celsius Network, FTX, CoinMarketCap, NewCo
Currencies	truegbp, Ethereum, Celsius Network, truehkd, truecad, USDC, TrueUSD
Securities	None