The Celcius cryptocurrency bank recently went bankrupt due to shady lending to unsafe borrowers who went under during the crypto market collapse.

Now the legal process is ongoing, and Celcius has requested for permission from the courts to sell their stablecoins but there has not yet been much word about their CEL tokens. Many of the people scammed by Celsius have requested that they sell the CEL tokens rather than the stablecoins, which they view as more valuable.

Because they hold a very large amount of the CEL tokens, the price of the token is likely to collapse in a case where they sell the tokens.

https://twitter.com/Jeff_9989/status/1570787646678638592/photo/1

https://www.coindesk.com/business/2022/09/16/crypto-lending-compmany-celsius-files-for-permission-to-sell-its-stablecoin-holdings/

The creator of this market currently holds a short position on the CEL token.