Connect with us

Hi, what are you looking for?

Former celsius ceo
Former celsius ceo

Business

Former Celsius CEO Alex Mashinsky will defend against fraud charges in court on November 13

On November 13, former Celsius CEO Alex Mashinsky will defend a request to dismiss allegations of fraud and market manipulation in court. With a trial scheduled for early 2025, prosecutors claim he misled investors and manipulated the price of CEL tokens.

Former Celsius CEO Alex Mashinsky will show up in court on November 13 to contest multiple allegations against him, including market manipulation and commodities fraud. Judge John Koeltl of the U.S. District Court for the Southern District of New York will preside over the hearing on Mashinsky’s move to dismiss these accusations.

The allegations date back to July 2023, when authorities detained Mashinsky on charges of manipulating the pricing of Celsius’s native token, CEL, and misleading consumers about the profitability and safety of their investments. Alleging that Mashinsky and former Chief Revenue Officer Roni Cohen-Pavon participated in dishonest behavior to inflate the value of CEL, the indictment lists seven felonies.

Mashinsky, who has pleaded not guilty to all allegations, has not appeared in court since February. Seeking to have some charges dropped—especially those pertaining to fraud and market manipulation—his legal team filed the application in January. Preserving testimony from important witnesses—many of whom live outside the United States—including Cohen-Pavon—will also be a major emphasis of the forthcoming court session.

Following a pre-trial meeting slated for January 16, 2025, the former Celsius CEO’s trial is due to start on January 28, 2025. The investigation also linked Cohen-Pavon, who has since changed his plea to guilty and is awaiting a December 11 sentence.

Following a market crash in July 2022, well-known cryptocurrency lender Celsius filed for bankruptcy. Although Mashinsky is running legal fights, including civil proceedings initiated by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, the business has been trying to pay back its debtors.

Given the growing attention to the bitcoin sector, Mashinsky’s case is likely to have major consequences for the control of digital assets and the future of crypto lending platforms.

author avatar
Satpal S
Satpal is an Editor and Author at 4C Media Co, specializing in all stories and news related to crypto and finance.
Advertisement

You May Also Like

Cryptocurrency

Until a new chairman is confirmed, the U.S. Securities and Exchange Commission (SEC) might hold off on laying a clear regulatory road for cryptocurrencies....

AI

OpenSea promptly cleared erroneous information that was spreading regarding a planned NFT airdrop. According to CEO Devin Finzer, a webpage including terms and conditions...

Cryptocurrency

Driven by its aggressive Bitcoin acquisition approach, Metaplanet has seen a startling 4,800% rise in its stock price over the past year. Often likened...

Cryptocurrency

The U.S. Commodity Futures Trading Commission (CFTC) has announced a shift in its enforcement approach, focused on fraud prevention and victim support. Under Acting...

polkadot
Polkadot (DOT) $ 5.18 1.08%
bitcoin
Bitcoin (BTC) $ 97,300.07 0.89%
ethereum
Ethereum (ETH) $ 2,726.92 2.10%
cardano
Cardano (ADA) $ 0.798298 0.94%
xrp
XRP (XRP) $ 2.73 8.29%
stellar
Stellar (XLM) $ 0.348238 4.27%
litecoin
Litecoin (LTC) $ 125.39 0.53%