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Celsius Network, the bankrupt crypto lending platform, is facing new allegations from its creditors regarding market manipulation and inflated CEL token volume.
In a recent court filing in the United States District Court for the District of New Jersey, the creditors claimed that Celsius executives collaborated with crypto market maker Wintermute to manipulate the price of Celsius CEL tokens through wash trading.
Notably, Wash trading is a deceitful practice that creates a false impression of high trading volume for a particular asset.
The lawsuit alleges that Wintermute assisted Celsius CEO Alex Mashinsky and other executives in engaging in illegal wash trading of CEL tokens for personal gain. The creditors argued that both the Celsius executives and Wintermute were aware of the manipulative acts and knowingly participated in the scheme.
Evidence supporting the allegations came from publicly available internal conversations a…
The post Celsius Enters Fresh Market Manipulation Scandal Involving Wintermute appeared first on Coin Edition.
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