Alex Mashinsky has declared unequivocally that Wall Street short-sellers are to blame for the recent market turmoil.
Celsius CEO Alex Mashinsky says “the Sharks of Wall Street” are generating instability at multiple crypto ventures because they can smell blood in the water.
Mashinsky blames short-sellers on Wall Street for recent drops in Celsius (CEL) prices, the temporary de-pegging of Tether (USDT), and the collapse of Terra (LUNA). Currently, CEL is trading at $0.82, a 90 percent decline from its all-time high of $8.05.
Some Celsius users said the platform liquidated their assets when CEL fell during a Twitter Spaces event Tuesday. They said that as the price dropped, trading became more difficult, increasing their losses and that Celsius should have provided more support for the currency.
He added CEL had been hit by the larger crypto meltdown caused by Terra’s failure and that he suspected someone was trying to harm the firm.
No, this isn’t a fluke. Someone who came to the conclusion, “You know what? I should do this.” ‘I’m taking down Celsius as a whole,'” he said at the time.
Mashinsky was approached by Cointelegraph for further information. He said that Wall Street was actively working to exacerbate crypto’s issues in order to benefit from them.
“Luna was destroyed by them.” Other firms they tested out were Tether, Maker and others. Not only do we have to deal with this problem,” he stated. No, I don’t believe Celsius is the target of their wrath.” They’re all on the lookout for a chink in the armour that they can exploit.
What’s important to remember is that Wall Street’s sharks have now entered the crypto ocean. To be clear, when asked about the funds that are suspected of attacking Terra, he said: “I meant regulators.” “Regulation has nothing to do with it. Short-term traders just hunting for areas of weakness.”
Mashinsky also took issue with Barron’s piece headlined “Celsius Faces a Revolt as a High-Yield Crypto Plummets” which covered the Spaces incident.
With 1.8 million clients, Barron’s created this piece because two men on Twitter stated they were liquidated after getting a margin loan, the CEO said.
Since the start of the year, the price of CEL has been steadily declining, from $4.38 on January 1 to the current price of $0.82 on CoinGecko.
As a kind of loan collateral, consumers may utilise their cryptocurrency holdings with Celsius. Up to 80% of the platform’s income is split with Stakers. Celsius has also been targeted by regulators in other countries, which has forced the platform to exclude non-accredited investors from receiving interest on deposits outside the United States.
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