Celsius has spent at least $558 million to manipulate CEL trading prices

According to ChainCatcher, citing a report released by independent examiner Shoba Pillay in the Celsius bankruptcy case, Celsius sold a total of 203 million CEL tokens during its 2018 initial coin offering and private sale, raising only $32 million from the ICO instead of the expected $50 million. Celsius also spent at least $558 million to purchase CEL, using a strategy known as the "flywheel," which involved selling CEL tokens in private over-the-counter trades and offsetting purchases in the public market to influence its trading price.

Additionally, Celsius repeatedly breached credit limits, including billions of dollars in loans provided to Tether. As of July 2021, one-third of Celsius's institutional loan portfolio was completely unsecured, with more than half of the collateral being insufficient. (Source link)