Onchain data from Onchain Lens reveals that two wallet addresses suspected to be linked to Alex Mashinsky, the founder of Celsius Network, have sold 17,598 Ether in exchange for 27.24 million USDS, at an average price of approximately $1,548 per ETH. This transaction, totaling around $27.24 million, has caught the attention of the crypto community, as Mashinsky is currently facing legal proceedings for fraud and market manipulation related to the collapse of Celsius Network.
Transaction Details
According to the monitoring platform, the two wallets executed the sale in what appears to be a coordinated move, transferring 17,598 ETH and receiving 27,240,000 USDS. The average execution price of $1,548 is near the current market price of Ethereum, suggesting the sale was likely executed on a decentralized exchange or via OTC desk. Importantly, Onchain Lens explicitly notes that the connection between these wallets and Alex Mashinsky has not been independently verified, and further investigation is needed.
Background on Celsius and Mashinsky
Celsius Network was one of the largest crypto lending platforms before its collapse in mid-2022. The company's native token CEL plummeted, and millions of users were unable to withdraw their funds. In July 2022, Celsius filed for Chapter 11 bankruptcy, and in July 2023, Mashinsky was arrested on charges of fraud and market manipulation. He has pleaded not guilty and is currently out on bail awaiting trial. Throughout the bankruptcy process, Celsius's wallets have been managed by the restructuring team, but some addresses previously controlled by Mashinsky remain outside the estate.
The two wallets involved in today's sale were identified by Onchain Lens based on historical transaction patterns and connections to known Mashinsky addresses. However, without official confirmation, the attribution remains speculative.
Market Implications and Stablecoin Choice
This sale, while not large in terms of Ethereum's daily volume, could create temporary selling pressure given the sensitive nature of the seller. Ethereum's price has been trading in the $1,500–$1,600 range, and the average sale price of $1,548 is close to market levels, indicating that the seller may have executed the trade efficiently without causing excessive slippage.
The choice to receive USDS — a stablecoin issued by Sky Protocol (formerly MakerDAO) — is also notable. USDS is designed to be more scalable and resilient than its predecessor DAI, and its adoption for large transactions has grown. Using USDS instead of USDC or USDT might reflect a preference for a more decentralized stablecoin or the availability of liquidity in the seller's portfolio. Overall, the event serves as a reminder that potential selling pressure from Celsius-related entities has not yet fully dissipated, and traders should monitor on-chain movements for further signals.