Celsius Network, a popular cryptocurrency lending platform, is facing allegations of market manipulation by its creditors. According to a Bloomberg report, a committee representing Celsius creditors has requested a bankruptcy judge to subpoena FTX for information that could help identify users behind ten cryptocurrency wallets allegedly involved in suspicious trades of Celsius’ native token, CEL, between April and August of last year.
Fraud Allegations Arise Over CEL Token
The creditors believe that these FTX users may have manipulated the price of CEL through these trades, which is a serious violation of cryptocurrency market regulations. If proven true, this could significantly impact Celsius Network’s reputation and potentially lead to legal consequences for those involved.
Furthermore, The committee believes that these trades may have been a form of market manipulation, such as wash trading, which would violate…
