CEO Traded Celsius Funds on Bad Information Prior to Collapse

Alex Mashinksy, the CEO of the now-bankrupt crypto lending platform Celsius, had taken personal control of the firm’s trading strategy before its collapse, according to a Financial Times report citing multiple people familiar with the matter. Mashinksy reportedly gathered his investment team in January to inform them that he would be personally assuming control of the company’s trading strategy. The meeting took place prior to a meeting of the Federal Reserve, during which the central bank revealed plans to raise interest rates—a move that, as Mashinksy was convinced, would have a negative impact on crypto markets.