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First Mover Americas: Celsius Network Accused of Running a Ponzi Scheme
The latest price moves in crypto markets in context for Jan. 31, 2023.
Updated Jan 31, 2023, 1:12 p.m. Published Jan 31, 2023, 1:12 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk Market Index (CMI) 1,073 −11.4 ▼ 1.0% Bitcoin $22,885 −252.6 ▼ 1.1% Ethereum $1,574 −9.5 ▼ 0.6% S&P 500 futures 4,018.50 −14.0 ▼ 0.3% FTSE 100 7,720.12 −64.8 ▼ 0.8% Treasury Yield 10 Years 3.55% ▲ 0.0 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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Bankrupt crypto lender Celsius Network used new customer funds to pay for other customers’ withdrawals, the definition of a Ponzi scheme, an independent examiner for the U.S. Bankruptcy Court in New York said in a Tuesday filing. “In every key respect – from how Celsius described its contract with its customers to the risks it took with their crypto assets –how Celsius ran its business differed significantly from what Celsius told its customers,” the independent examiner wrote.
Alameda Research, a trading firm affiliated with FTX, the bankrupt crypto exchange founded by Sam Bankman-Fried,wants to regain $446 million it transferred to bankrupt lender Voyager Digital prior to Alameda's own bankruptcy filing, a new lawsuit says. According to a complaint filed Monday, Alameda repaid all of its outstanding loans to Voyager after Voyager filed for bankruptcy last July. Some of those loans had yet to mature at the time Voyager requested their repayment.
The price of virtual world The Sandbox’s SAND token is surging ahead of its token unlock scheduled for Feb. 14. Token unlocks are usually bearish because they increase supply. The Sandbox will be releasing 12% of the token’s supply, equivalent to around $273 million worth of SAND. The utility token’s price has increased 90% since the start of the year to 74 cents. Notably, however, the token is down 90% from its all-time high of $8 reached in November 2021.
Chart of the Day
- The two charts show South Korea-based crypto exchange Upbit flipped Binance, the world's largest crypto exchange by trading volume, last week in terms of trading volume for metaverse tokens.
- "Typically, Binance dominates trading activity across all sectors, thus the trend suggests that the Korean region has a particular affinity for the metaverse," Paris-based Kaiko Research said.
- Metaverse tokens like AXS, MANA and ENJ have rallied sharply this month.
– Omkar Godbole
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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BNB Drops Below $865 as Crypto Market Moves Lower
The token is now trading in a tight range, with buyers defending the $864-$867 zone and sellers capping gains near $868.50, as traders appear cautious.
What to know:
- BNB dropped 2.7% to $865 after the Federal Reserve's 25 bps cut, breaking through a key support zone of $870 and falling below its 30-day moving average.
- The token is now trading in a tight range, with buyers defending the $864-$867 zone and sellers capping gains near $868.50, as traders appear cautious.
- A recovery above $874 could shift momentum, but a deeper slide could push BNB toward $839, the next technical support level, as network activity is set to pause ahead of an upgrade.
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