US Prosecutors Granted Extension Till October in Mashinsky Case

Jul 25, 2023 7:26 PM

The Alex Mashinsky Case: Prosecutors Granted Extension by U.S. District Judge

The U.S. District Judge John Koeltl has given prosecutors an extension in the Alex Mashinsky case, allowing them more time to gather evidence before the criminal trial. This extension excludes the period between July 25 and October 3 from the Speedy Trial Act calculations, which mandates that a federal criminal trial must commence within 70 days of an indictment being filed. The judge cited the “volume of discovery” and the “complexity of the case” as reasons for granting the continuance.

Main Points:

The U.S. District Judge John Koeltl has granted prosecutors an extension in the Alex Mashinsky case.
The extension allows for more time to gather evidence before the criminal trial.
The period between July 25 and October 3 is excluded from the Speedy Trial Act calculations.
The judge cited the “volume of discovery” and the “complexity of the case” as reasons for the extension.
The trial date is yet to be determined.

A Series of Events:

In July 2022, cryptocurrency platform Celsius filed for Chapter 11 bankruptcy and suspended all withdrawals without a clear timeline for resumption. Alex Mashinsky, the CEO at the time, resigned in September 2022. In July 14, Mashinsky was charged and arrested on multiple counts, including securities fraud, in New York. Despite the charges, he has pleaded not guilty and has been released on a $40 million bond as he prepares for his court defense.

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Hot Take:

The extension granted to prosecutors in the Alex Mashinsky case highlights the complexity of the case and the need for additional time to gather evidence. This delay may impact the overall timeline of the trial, but it is essential for ensuring a thorough examination of the charges against the former Celsius CEO.