SPECIAL REPORT: Celsius Network’s Alex Mashinsky Is Arrested as SEC, CFTC, FTC Sue Bankrupt Crypto Lender

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CoinDesk

Business News, Daily News, News, Tech News

4.7 • 698 Ratings

🗓️ 13 July 2023

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

According to the U.S. Department of Justice (DOJ) Alex Mashinsky, the esteemed co-founder and former CEO of the now-defunct crypto lender Celsius, was apprehended in New York on Thursday. This arrest stems from a meticulous investigation into the intricate circumstances surrounding the company's unfortunate collapse. Link to the Full Story: Celsius Network’s Alex Mashinsky Is Arrested as SEC, CFTC, FTC Sue Bankrupt Crypto Lender Mashinsky, alongside his co-defendants, faces a comprehensive set of allegations encompassing seven charges, including securities fraud, commodities fraud, wire fraud, and conspiracy to manipulate the price of Celsius' token CEL, as outlined in a meticulously prepared indictment by the U.S. Department of Justice (DOJ). The weight of these accusations is further emphasized by the simultaneous filing of multiple independent lawsuits against Mashinsky and Celsius by prominent regulatory bodies such as the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Federal Trade Commission (FTC). Credits: Wondercraft Voice AI and CoinDesk crypto regulation and policy reporter Sandali Handagama. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:58.5	This is a Coindk Podcast Network special report.
1:03.2	Alex Mishinsky, co-founder and former CEO of insolvent crypto lender Celsius,
1:07.1	was arrested on Thursday following an investigation into the company's collapse,
1:09.8	according to a U.S. Department of Justice indictment.
1:15.6	Mishinsky and others on seven counts, including securities fraud, commodities fraud, wire fraud,
1:21.2	and conspiracy to manipulate the price of Celsius's tokens, CEL, according to an indictment seen by Coin desk.
1:22.8	The DOJ indictment was accompanied a slew of separate lawsuits against Machinsky and Celsius by the U.S.
1:28.3	Securities and Exchange Commission, Commodity Futures Trading Commission and Federal Trade Commission.
1:33.7	The lending platform filed for bankruptcy in July 2022, and Crypto Consortium Fahrenheit recently won a bid to acquire its assets.
1:41.9	In January, New York Attorney General Letitia James sued Machinsky for allegedly misleading
1:47.2	investors about the firm's health leading up to its bankruptcy filing.
1:51.3	Mashinsky later called the accusations baseless and said they were informed by online misinformation.
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