.
The plaintiffs, who filed suit against Alex Mashinsky and other top Celsius executives back in July 2022, have filed an additional lawsuit in New Jersey court seeking to have Wintermute also named as a defendant. <br
According to the document, the market maker inflated the trading volume of the CEL token, making it more attractive and reliable in the eyes of customers. It is claimed that illegal token activity began in March 2021 and it was Wintermute that played a key role in “inflating” the price of CEL and Celsius credit products;
“This activity changed the price of CEL tokens.. It was a deliberate strategy to defraud investors,” the suit says.
Also, Celsius investors said the service used almost no measures and procedures to determine the market maker’s misconduct. The procedures that existed could not determine the tampering with the volume of bidding and the independent execution of transactions.
The reason for the lawsuit was “publicly available internal negotiations” by the cryptocurrency lender’s top executives. A Wintermute spokesman emphasized that the company rejects in the strongest terms any allegations of improper or criminal trading.
Earlier it was reported that one of the largest alternative investment management companies, Apollo, would participate in the Celsius buyout auction.<br