Celsius Former Executive Pleads Guilty: What You Need to Know
Today, former Celsius executive Cohen-Pavon appeared in court and pleaded guilty to manipulating the price of the CEL token and other charges. This comes as part of the ongoing legal investigation into Celsius and its involvement in the collapse of the crypto lender.
Implications for Celsius
Cohen-Pavon’s guilty plea raises questions about the extent of involvement by other Celsius executives, including CEO Alex Mashinsky. While Mashinsky has pleaded not guilty, it is likely that today’s events are part of a larger agreement, with Cohen-Pavon potentially providing information that could implicate Mashinsky.
Mashinsky’s Legal Troubles
Mashinsky, who was arrested and released on bail, is facing multiple allegations including co-mingling client assets, running a fraudulent scheme, and his connection to the collapse of FTX and the Terra ecosystem during the Crypto Winter in 2022. He recently tried to dismiss a lawsuit filed by the US Federal Trade Commission.
The Impact on CEL Token
Following this news, the CEL token has experienced a significant decrease in value, currently trading at $0.10 after reaching highs above $0.7 in 2023.
Hot Take: The Future of Celsius Hangs in the Balance
The guilty plea by former executive Cohen-Pavon adds another layer of uncertainty to the future of Celsius. With ongoing legal troubles and potential implications for CEO Alex Mashinsky, the company’s reputation and stability are at stake. Investors and users will be closely watching developments as they await further information on the outcome of these legal proceedings.
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