Alex Mashinsky Accused Of Falsely Claiming To Invest $18M In CEL’s ICO

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Alex Mashinsky; Photo Source: Forbes

Tiffany Fong’s latest set of Tweets alleged that Alex Mashinsky, Co-Founder and Ex-CEO of Celsius, falsely claimed to invest $18M in CEL's ICO.

In March 2018, Celsius began the initial coin offering (ICO) of its utility token, CEL. As part of the ICO plan, AM Ventures, a firm owned by Mashinsky, agreed to purchase $18M worth of CEL tokens.

Tiffany Fong stated that this commitment never materialized. In 2019, Celsius agreed to lend AM Ventures the purchased CEL tokens.

However, Celsius soon voided both the purchase and loan agreements. Moreover, as the purchased tokens were used as collateral against the loan, Celsius did not send any CEL tokens to AM Ventures.

This allowed the now-bankrupt lender to transfer the CEL assets to its treasury. The tokens will remain locked in Celsius’ treasury until its board takes further decisions, with Fong adding,

“Was Mashinsky committing fraud from day one? The SEC is currently investigating.” 



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Fong earlier shared two leaked audio recordings of Celsius’ board meetings. 

The first was about Alex Mashinsky claiming to revive the firm by renaming it Kelvin and providing custody solutions to users. It is worth noting that it was recorded a few days before Mashinsky stepped down as CEO of Celsius.

In the second recording, Nuke Goldstein, the CTO and the last of the three Co-Founders remaining at Celsius, proposed issuing wrapped IOU tokens for its user base.

In a recent interview, Fong stated that she had deposited $200K worth of crypto assets in Celsius before the latter filed for Chapter 11 bankruptcy in July. She also said that she received the audio files from an employee at Celsius, noting that she is in "constant communication" with Celsius' present and ex-employees.

Written by
Ayush Pande

Tiffany Fong’s latest set of Tweets alleged that Alex Mashinsky, Co-Founder and Ex-CEO of Celsius, falsely claimed to invest $18M in CEL's ICO.

In March 2018, Celsius began the initial coin offering (ICO) of its utility token, CEL. As part of the ICO plan, AM Ventures, a firm owned by Mashinsky, agreed to purchase $18M worth of CEL tokens.

Tiffany Fong stated that this commitment never materialized. In 2019, Celsius agreed to lend AM Ventures the purchased CEL tokens.

However, Celsius soon voided both the purchase and loan agreements. Moreover, as the purchased tokens were used as collateral against the loan, Celsius did not send any CEL tokens to AM Ventures.

This allowed the now-bankrupt lender to transfer the CEL assets to its treasury. The tokens will remain locked in Celsius’ treasury until its board takes further decisions, with Fong adding,

“Was Mashinsky committing fraud from day one? The SEC is currently investigating.” 



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Fong earlier shared two leaked audio recordings of Celsius’ board meetings. 

The first was about Alex Mashinsky claiming to revive the firm by renaming it Kelvin and providing custody solutions to users. It is worth noting that it was recorded a few days before Mashinsky stepped down as CEO of Celsius.

In the second recording, Nuke Goldstein, the CTO and the last of the three Co-Founders remaining at Celsius, proposed issuing wrapped IOU tokens for its user base.

In a recent interview, Fong stated that she had deposited $200K worth of crypto assets in Celsius before the latter filed for Chapter 11 bankruptcy in July. She also said that she received the audio files from an employee at Celsius, noting that she is in "constant communication" with Celsius' present and ex-employees.

Written by
Ayush Pande