TechFlow, June 24 — According to a tweet by Celestia co-founder Mustafa Al-Bassam, "Despite the FUD (fear, uncertainty, and doubt) circulating in the market regarding Celestia, all founders, early employees, and core engineers remain committed, maintaining the same level of dedication as when the project first launched." Al-Bassam stated that Celestia currently holds over $100 million in reserves and sufficient funding for more than six years of operations, with the team fully prepared for long-term development. He also mentioned having been involved in the cryptocurrency space since 2010 and understands that all tokens typically experience drawdowns of around 95% during their lifecycle, so he is not surprised by current market fluctuations.
Earlier reports indicated that Twitter user 0xCircusLover claimed Celestia's executive team unlocked their full token allocations as early as October 2024. Additionally, it was alleged that Celestia founder Mustafa Al-Bassam sold over $25 million worth of TIA tokens via off-exchange OTC transactions and relocated to Dubai.
