Celestia's co-founder Mustafa Al-Bassam has responded to increasing community criticism regarding the project's steep token decline and insider misconduct accusations.
Founder Responds to Allegations
Mustafa Al-Bassam dismissed allegations of insider misconduct, asserting that the core team remains dedicated to the project. He emphasized that Celestia still holds a treasury of over $100 million and has more than six years of operational runway.
Allegations of Misconduct in Token Sales
Community outrage surged after a viral post accused Celestia's leadership, including Al-Bassam, of selling millions in tokens shortly after their unlocks. These actions coincide with a dramatic drop in the price of the TIA token, which has fallen over 92% from its peak. Critics argue insider sell-offs have led to investor losses.
Market Strategy of Celestia Under Fire
Celestia's market strategy has also faced scrutiny. Some investors believe the project attempted to force its model into adoption through aggressive tactics. Al-Bassam claims that over 30 rollup projects are deployed on Celestia, yet these achievements raise doubts about long-term viability.
Despite significant reserves, Celestia faces ongoing criticism and eroding community trust, raising questions about the project's future.
