Alex Mashinsky, CEO of crypto lending and staking platform Celsius, said that opportunistic short-sellers on Wall Street are “definitely” responsible for the negative price action in the altcoin market.
Alex Mashinsky says ‘Wall Street sharks’ cause of altcoin collapse
Mashinsky blamed recent Celsius (CEL), Tether (USDT) and Terra (LUNA) crash on Wall Street ties it to his shorts. At a Twitter event on Tuesday, some Celsius users claimed that the platform liquidated their assets as the CEL fell. They said the trade was illiquid as the price dropped, worsening their losses, and Celsius should support the currency.
Mashinsky says that CEL was affected by the broader crypto crash due to Terra’s collapse and he believes someone is targeting the company. Making statements after the Twitter event, Mashinsky also claims that there was deliberate pressure from Wall Street to make a profit by exacerbating crypto’s problems:
They took down Luna. They tried Tether, Maker and many other companies. It’s not just us (Celsius). I don’t think they have any particular hatred or focus on Celsius. They are all looking for any weakness to short and destroy. The thing is, Wall Street Sharks are now swimming in crypto waters.
CEL investors expressed their frustration to Mashinsky
When Mashinsky was asked whether he meant regulators or funds that were said to have attacked Terra, “it has nothing to do with regulation. Only shorts are looking for weakness,” he says. In this regard, CEL price has been in a steady downward trend throughout the year, from its current price of $0.77 on Jan. 1 at $4.38. Some CEL investors expressed their disappointment with CEL’s price performance to Mashinsky at the May 19th AMA. One investor accused the Celsius team of sitting down as the CEL price fell as a result of the Terra debacle. At
, Mashinsky told community members that Celsius “always works in the community’s interest” but does not “control price action” on the CEL token. He made the following statements, which he assured:
The culprit here has nothing to do with Celsius. It has everything to do with people collecting and posting nonsense information. So if you want to start a fight, go fight with those people and ask them, ‘Why did you publish this article?’ ask.
Mashinsky finally adds that the purges on the Celsius platform over the past two weeks have caused injuries to people. But he states that he has personally lost more than anyone else. You can find the details about the collapse of Terra in this article we prepared as Cryptokoin.com .
