Alex Mashinsky, director of cryptocurrencies and mortgages, believes that “Wall Street sharks” can smell blood in the water and cause instability in some cryptocurrencies.
Mashinsky blames recent Celsius (CEL) price cuts, the short-term disconnection of Tether (USDT) and the collapse of Terra (LUNA) – at least in part – on short sellers on Wall Street. CEL has fallen from an all-time high of $ 8.05 to $ 0.82, a 90% decrease.
In a Twitter Spaces event on Tuesday, some Celsius users claimed that the platform had destroyed its assets when CEL collapsed. They said trade was illiquid as prices fell, exacerbating their losses and that Celsius should have supported the currency.
Mashinsky said that CEL had been affected by a wider cryptocurrency collapse due to the collapse of Terra and that he believed that someone was targeting the company.
“It is not a coincidence. This is someone who decided, “Do you know what? I’m going to take down all the Celsius, “he said during the event.
The Cointelegraph contacted Mashinsky for more information. He explained that it was deliberately pushing Wall Street to profit by exacerbating cryptocurrency problems.
“They took Luna down. They tried Tether, Maker and many other companies. This is not just about us, “he said. “I do not think they did [a] special hatred or concentration on Celsius. They are all looking for some weakness to shorten and destroy.
“The thing is, the sharks on Wall Street are now swimming in cryptic water.
He was asked to explain whether he meant the regulator, or the fund that is rumored to have attacked Terra, he said; “Nothing to do with regulation. Just short sellers looking for weaknesses.”
Mashinsky also spoke about Barron’s article on the Spaces event entitled “Celsius Faces a Revolt as a High-Yield Crypto Plummets”.
“We have 1.8 million customers and Barron’s wrote this article because two kids on Twitter complained that they were bankrupt after taking out a margin loan,” he said.
The price of CEL has been steadily declining throughout the year, from the January 1 price of $ 4.38 to the current price of $ 0.82 according to CoinGecko.
Celsius allows users to mortgage cryptocurrencies that can be used as collateral for loans. Amateurs earn up to 80% of the revenue generated by the forum. Regulators in various jurisdictions also have Celsius in their sights, forcing the forum to restrict unauthorized investors from receiving interest on U.S. deposits.
Some CEL investors and stakeholders expressed their frustration with CEL’s price performance to Mashinsky on May 19 AMA.
One investor accused the Celsius team of having sat on their hands while token prices fell following the Terra spread. (Celsius previously denied that it had suffered significant losses as a result, and reports indicated that it had saved $ 500 million from the Anchor Protocol.) The investor said:
“You know this is going on with Luna, the symbol is clearly starting to fill up. Alex and the team did not grab anything to support the price on the way down. They just dropped it. “
Related: Celsius Network’s SEC Encryption Listing Indicates IPO Plans
In the AMA, Mashinsky assured members of the community that Celsius “always works for the benefit of the community,” but that he “does not control pricing” on the CEL symbol.
“The plaintiff here has nothing to do with Celsius. It has everything to do with people FUDDI and publishing bullshit information. So if you want to fight, go fight with these people and ask them, “Why are you publishing this article?”
He added that the wear and tear on the Celsius platform that had taken place over the past two weeks had caused people to be injured, but he claimed that he had personally lost more than anyone else. He said: “I lost more value than all the other people who were torn apart.
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