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Celsius Lost More Than $350M in DeFi, Says Report

Celsius Lost More Than $350M in DeFi, Says Report

According to the data report of blockchain analytics company Arkham intelligence, Celsius deployed more than US$1 billion of digital assets in DeFi and sustained over $350 Million in losses.  


Fast Facts 


The Report said that Celsius handed over nearly $530M in corporate funds to a digital asset manager who used high-risk trading strategies of leveraged crypto. Arkham recognized the digital asset manager in question as the Chief Executive Officer of investment firm Keyes, Jason Stone.  


According to Report, the traders forced eradication of about $61 million and total losses of $350 million. The analysis said that from the more than $1 billion deployed in DeFi, Celsius had lost over $100 M to hacks.  


The Report said that when the market fell in early June this year, it put Celsius at liquidation risks, and the firm put in $750 million to sustain the positions, playing a major role in forcing them to freeze removals.


The firm spent more than $350M purchasing the BTC token from exchanges despite holding bitcoin worth billions of its native token, CEL. 


CEO of Celsius Alex Mashinsky sold CEL tokens worth US$45 million, sometimes on the same exchanges where Celsium accorporated funds to purchase CEL, according to a report. 


An email seeking a Celsius comment on the Arkham report went unanswered outside USA business hours. 

myonlineblogs 07.23.2022 0 221
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07.23.2022 (244 days ago)
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