Celestia co-founder rebuts ‘dumping allegations’... “Large-scale withdrawals are normal”
Summary
- Mustafa Al-Bassam, co-founder of Celestia, clarified that the insider dumping and large-scale token withdrawals are normal occurrences.
- Celestia stated it has over $100 million in operational funds and the financial capacity to sustain business for more than six years.
- Celestia is up 12.26% from the previous day, but is still down over 92% from its all-time high.
Mustafa Al-Bassam, the co-founder of Celestia (TIA), addressed the insider dumping allegations and the incident of 95% token withdrawals.
According to Cointelegraph on the 24th (local time), Al-Bassam stated on X that “All founders, early employees, and core engineers are fully committed to the project.” He directly refuted the recent claims that Celestia management unlocked their holdings and engaged in large-scale sales.
Some have alleged that Mustafa sold approximately $25 million worth of Celestia tokens over the counter (OTC) and fled to Dubai. In response, Mustafa said, “Large-scale token withdrawals are a normal occurrence in the industry,” and added, “Celestia has more than $100 million in operational funds and the financial capacity to sustain business for over six years.”
Meanwhile, as of 18:15 on CoinMarketCap, Celestia was trading at $1.58, up 12.26% from the previous day. However, this is still down more than 92% from the all-time high of $20.91 recorded in June last year.
Heecheol Yang
heecheol@bloomingbit.ioHello, I'm a reporter at bloomingbit
![[Analysis] “ETFs and short covering drove Bitcoin’s rebound…on-chain indicators are mixed”](https://media.bloomingbit.io/PROD/news/6c7dbd31-4aeb-400e-9c43-c2843062fc66.webp?w=250)
