Celestia founder dismisses FUD, cites $100M war chest amid backlash
Celestia co-founder Mustafa Al-Bassam said the team remains fully committed despite community outrage over alleged insider dumping and a 95% token drawdown.
Celestia co-founder Mustafa Al-Bassam claimed that the team remains committed and financially equipped to weather the storm despite escalating accusations of misconduct, insider profit-taking and community mistrust.
“Despite the FUD (which is getting more ridiculous by the day), all Celestia founders, early employees and core engineers are still here and working as hard as we did when Celestia started 5 years ago,” Al-Bassam wrote in a Monday post on X.
Al-Bassam claimed that major token drawdowns were a normal part of the industry. He added that Celestia (TIA) has strong long-term viability, citing a “$100M+ war chest and a 6+ year runway.”