Thread by @otisa502

1/14 Mr. Mashinsky was the largest individual holder of CEL. From 2018 through the Petition Date, Celsius’s top managers made significant amounts of money selling CEL. Mr. Mashinsky either

Pages 327-330

2/14 directly sold or swapped at least 25.1 million CEL for at least $68.7 million. Mr. Goldstein either directly sold or swapped at least 2.5 million CEL for at least $2.8 million and Mr. Leon directly sold or swapped at least 2.6 million CEL for at least $9.74 million.

3/14 During the AMAs, Mr. Mashinsky made repeated assertions that he was not a seller of CEL, despite regularly selling CEL. In the November 5, 2021 AMA, Mr. Mashinsky addressed “rumors” that he had sold CEL in recent weeks, stating that he had actually

4/14 bought “something like 30,000 CEL token last few days. If you think I’m selling, I’m not selling, I’m buying” but that it did not matter as “you have to make your own decisions.” While Mr. Mashinsky did receive 29,000 CEL tokens on November 4, 2021,

5/14 he also sold approximately 344,000 CEL tokens during the prior month, October 2021. In December 2021, Mr. Mashinsky sold approximately 37,000 CEL for $156,000.

6/14 On December 9, 2021, Mr. Mashinsky posted to Twitter, “All @CelsiusNetwork founders have made purchases of #CEL and are not sellers of the token.” He similarly asserted in an AMA and on Twitter that he made more purchases of CEL on January 7, 2022.

7/14 The prior day, he directed his Twitter followers to “see latest research by @CelHero on founders wallets buy and sell” and quote-tweeted @CelHero, “Latest founder CEL holdings update

8/14 over past two weeks @Mashinsky primary account was 39.8m CEL, which should be 39.9m today with interest. He's just 411 CEL shy of that, so we'll just say he didn't sell.”

9/14 But in December 2021, Mr. Mashinsky sold approximately 37,000 CEL for $156,000.00 and in January 2022, Mr. Mashinsky sold approximately 22,000 CEL for $90,000. In mid-May 2022, following the collapse of Terra/Luna, schedules filed by Celsius

10/14 reflect that Mr. Mashinsky withdrew assets from the platform. Mr. Mashinsky told the Examiner that in May 2022, he was the largest creditor of Celsius, and “by definition, I didn’t withdraw.” Internal documents reflect that Celsius purchased CEL from top

11/14 employees in exchange for millions of dollars. In an April 13, 2022 Slack channel discussion between Mr. Tappen and Mr. Ferraro, Mr. Tappen wrote, “we have paid USD out to top employees totaling $40,154,760.87 due to CEL buybacks . . . top employees

12/14 being Alex, Daniel, nuke, etc . . . .”Mr. Ferraro clarified, “so we pay in CEL then we buy back what they sell?” Mr.

13/14 Tappen agreed, “Correct we let them sell it back to us via the OTC desk.” Mr. Tappen noted that “if anyone ever found out our position and how much founders took in USD could be a very very bad look . . . We are using users USDC to pay for employees worthless CEL . . .

14/14 All because the company is the one inflating the price to get the valuations to be able to sell back to the company.