Investigators Conclude Celsius and Former CEO Broke US Laws
– The United States Commodity Futures Trading Commission (CFTC) has determined that Celsius and its former CEO, Alex Mashinsky, violated multiple US laws.
– If a majority of CFTC commissioners agree with the conclusion, a case may be filed against Mashinsky in federal court.
– Celsius and Mashinsky were found to have misled investors and violated investment laws before the company’s collapse.
– Mashinsky is facing a lawsuit from the New York Attorney General, who alleges that he defrauded investors out of billions of dollars.
– The CFTC believes Celsius should have registered with them and misled investors.
CFTC Lawsuit Possible Against Celsius
– The CFTC attorneys believe Celsius misled investors and may file a federal case against the company.
– Court filings reveal that Celsius was under scrutiny from multiple federal agencies, including the SEC and the Massachusetts Securities Division.
– The CEL token has seen a 12% drop in value due to these developments.
Fahrenheit Acquires Celsius Assets
– Crypto consortium Fahrenheit has won the bid to acquire Celsius Network’s assets.
– The winning consortium includes US Bitcoin Corp, Arrington Capital, Ravi Kaza, Steven Kokinos, and Proof Group.
– Celsius Network’s assets were valued at $2 billion.
– Fahrenheit will acquire Celsius’s institutional loan portfolio, staked cryptocurrencies, mining units, and alternative investments.
Hot Take
The conclusion of the investigation into Celsius and Alex Mashinsky’s alleged violations of US laws is a significant development in the crypto industry. If a lawsuit is filed, it could have far-reaching implications for the regulation of cryptocurrency companies. The acquisition of Celsius’s assets by Fahrenheit also highlights the competitive nature of the industry, with multiple bidders vying for control. The fallout from this case will likely shape future regulatory measures and investor confidence in the crypto market.
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