Celsius CEO Alex Mashinsky Gifts His Wife 15 Million CEL Tokens As A Birthday Present
Celsius CEO Alex Mashinsky Gifts His Wife 15 Million CEL Tokens As A Birthday Present
October 29, 2020
Celsius CEO Alex Mashinsky Gifts His Wife 15 Million CEL Tokens As A Birthday Present
Celsius CEO Alex Mashinsky Gifts His Wife 15 Million CEL Tokens As A Birthday Present
October 29, 2020

Alex Mashinsky, the CEO of Celsius, has gifted his wife Krissy 15 million CEL tokens as a birthday present, worth an estimated $20 million at today’s prices. 

It has been reported that the move has shifted the balance of the top CEL token holders list, as observed by Twitter user “Kevin Hodl.”

However, Mashinsky is still at the top, but now his wife would be the third largest token holder, according to the list.

The community has been pondering the token shift, with one Twitter user called “Bitcoin Giraffe” stating:

“What concerns me more is the amount that he has. It puts a whole new definition to whale.”

The report said that the move seems a little unusual, as under marital law (unless there is a prenuptial agreement) she is entitled to half of Mashinsky’s assets.

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Krissy Mashinsky runs a company called USA Strong, which uses blockchain to ensure that products claiming to be made in America actually are.

Celsius, which completed a successful initial coin offering in March 2018 valued at $50 million, is a centralized crypto credit platform with a mobile app that allows users to earn interest on stablecoins and a number of cryptocurrencies.

Likewise, the platform borrows from one set of clients and issues crypto collateral-backed loans to institutional clients while collecting the difference in interest. Eighty percent of the returns generated are paid to members and the community, while 20% goes to Celsius. It is essentially DeFi-style lending with regulatory compliance and CEO Mashinsky in control.

In June 2020, Celsius completed a $20 million fundraiser from the crypto community. Mashinsky did not inform private equity holders about the gift.

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According to the official website it has processed over $8.2 billion in loans, has over 200,000 active users, and almost $1.6 billion in community assets.

As per the report, CEL token prices have been performing well recently and hit an all-time high of $1.38 on October 10.

Thus, CEL tokens have surged 880% to their current price of $1.33. There is currently a circulating supply of 361 million tokens out of a total of 695 million.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.