Apr 27, 2023

Celsius Creditors Seek Judge’s Help to Unmask Suspicious Traders

Creditors of Celsius Network are seeking assistance from a bankruptcy judge to unmask users who may have manipulated the price of the Celsius (CEL) token in 2022. They have requested permission to issue subpoenas to FTX, a crypto exchange, in order to obtain information regarding 10 cryptocurrency wallets that were allegedly involved in suspicious trades of CEL between April and August.

The creditors have employed the help of blockchain consultant Elementus to identify transactions that they believe are suspicious. Elementus identified 947 transactions involving a near one-to-one relationship of CEL Token deposits and withdrawals over three-day periods between ten private wallets and ten FTX-operated wallets, as stated in court papers filed on April 26.

The committee representing Celsius Network’s creditors is looking for information from FTX to determine whether the trades were legitimate or constituted market manipulation, such as wash trading. Additionally, they are requesting information regarding any short positions taken on CEL, which could have had a negative impact on its price.

FTX, which recently entered into a purchase agreement with an affiliate of Miami International Holdings to sell LedgerX, its futures and options exchange and clearinghouse, is awaiting approval from the United States Bankruptcy Court for the District of Delaware. A hearing is scheduled for May 4.

The investigation into the suspicious trades of CEL is critical to resolving a dispute related to Celsius’ bankruptcy. NFTs are becoming increasingly popular in the web3 space, but it is important to be aware of the signs of wash trading and other fraudulent activities. According to a recent magazine survey, 4 out of 10 NFT sales are fake, so it is important to be aware of the warning signs of wash trading and other fraudulent activities when selling or buying NFTs.

The rise of NFTs has led to the emergence of a new industry of NFT marketing and promotion. Companies specializing in NFT promotion and marketing, such as web3 agencies, are becoming increasingly popular. They offer a range of services, from marketing on social media platforms such as Twitter to developing strategies for selling NFTs.

As the web3 space continues to grow, it is important to be aware of the potential risks associated with trading NFTs. It is also important to be aware of the warning signs of wash trading and other fraudulent activities. By utilizing the services of a reputable NFT marketing agency, investors can ensure that their investments are secure and that they are getting the best possible return on their NFTs.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.