The last quarter of 2024 promises to be as favorable for cryptocurrencies as the last quarter of 2022 was disastrous. The accelerating bankruptcies since the second half of the year led to significant losses, particularly for altcoin investors. However, there is a sense of revenge being sought for those turbulent times, as legal proceedings reach their conclusion.
The Collapse of Celsius
Zhu Su had high expectations for a super cycle in 2022. Despite the Federal Reserve’s interest rate hikes, there were cryptocurrency enthusiasts anticipating a rise in the market. Many of these individuals managed billions of dollars in customer assets, with SBF serving as a notable example. Today’s focus, however, is on Alexander Mashinsky.
Following his arrest on July 13, the founder of Celsius accepted guilt on counts two and five of the indictment as part of a defense agreement, confirming his role in cryptocurrency fraud.
At the start of 2022, the 59-year-old Mashinsky anticipated a downturn in cryptocurrencies and made decisions to sell off many positions. He employed numerous analysts and traders but began repurchasing assets after the first quarter of 2022, expecting a prolonged rally in the markets. While doing so, he centralized authority, sidelining analysts and traders, and lost customer assets in high-risk positions during significant market drops.
Now, as cryptocurrency markets head in the opposite direction, Mashinsky waits for his sentencing. Although CEL attempts to initiate one of its speculative rises amid the discussion of June’s selling allegations, it currently appears to be a frail attempt.
