Former Celsius CEO Alex Mashinsky’s Bail Set at $40 Million
– U.S. District Judge sets bail for former Celsius CEO Alex Mashinsky at $40 million.
– Mashinsky pleaded not guilty to fraud charges of artificially inflating the value of CEL token and misleading customers.
– Mashinsky is set to be released from jail after meeting the bail amount in a personal recognizance bond.
– The $40 million bond is secured by Mashinsky’s NYC residence and a bank account.
– Mashinsky cannot travel outside of New York and is prohibited from opening new financial, business, or personal bank accounts without prior approval.
Mashinsky Denies All Allegations
– Mashinsky was arrested on multiple charges including securities fraud and wire fraud.
– Celsius’ chief revenue officer, Roni Cohen-Pavon, was also charged with inflating the price of CEL token.
– Mashinsky allegedly earned over $40 million by manipulating the token’s price.
– Mashinsky has pleaded not guilty and plans to vigorously defend himself.
Lawsuits from Three Federal Agencies
– Mashinsky’s indictment is accompanied by lawsuits from the SEC, CFTC, and FTC.
– New York Attorney General filed a lawsuit earlier this year for misleading investors.
– SEC accuses Celsius and Mashinsky of securities fraud.
– CFTC accuses the company of violating commodities regulations and committing fraud.
Hot Take
The former CEO of Celsius, Alex Mashinsky, is facing serious legal troubles as he pleads not guilty to fraud charges. With a bail set at $40 million, Mashinsky must meet certain conditions to be released from jail. This case is also accompanied by lawsuits from multiple federal agencies, including the SEC and CFTC. It remains to be seen how Mashinsky will defend himself against these allegations and what the potential consequences could be for Celsius and its reputation in the cryptocurrency industry.