• Alex Mashinsky, former CEO of Celsius Network, was arrested on Thursday by the U.S. Department of Justice (DOJ) for allegedly orchestrating a “years long scheme to mislead customers”.
• The DOJ indictment was accompanied by separate lawsuits from the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and Federal Trade Commission (FTC).
• Mashinsky is charged with seven counts including securities fraud, commodities fraud, wire fraud and conspiracy to manipulate the price of Celsius’ token CEL.

Alex Mashinsky Arrested

The U.S. Department of Justice has accused former CEO of Celsius, Alex Mashinsky, of orchestrating a “years long scheme to mislead customers” resulting in his arrest on Thursday.

Accompanying Lawsuits

The DOJ indictment against Mashinsky was accompanied by separate lawsuits from the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC) and Federal Trade Commission (FTC).

Charges Against Mashinsky

Mashinsky is charged with seven counts including securities fraud, commodities fraud, wire fraud and conspiracy to manipulate the price of Celsius’ token CEL. In January 2021, New York Attorney General Letitia James sued Mashinsky for allegedly misleading investors about the firm’s health leading up to its bankruptcy filing last July 2022.

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Ripple scored a partial win in its fight with the SEC after a court ruling that brought a little bit of regulatory clarity for the crypto industry.. Willkie Farr & Gallagher LLP Counsel Michael Selig along with INX advisor and former SEC attorney Alex Damsker share their respective insights into the legal judgement as well as their thoughts on bail for former Celsius CEO Alex Mashinsky being set at $40 million by a judge after he was arrested Thursday on charges of fraud.

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