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Former Celsius CEO Mashinsky to be released on $40m bail

News
Former Celsius CEO Mashinsky to be released on $40m bail

Alex Mashinsky, the former CEO of Celsius Network, is set to be released on bail following his arrest and fraud charges on Thursday, July 13.

Mashinsky has agreed to a $40 million personal recognizance bond, which must be signed by his wife by Friday, July 14, and by another financially responsible individual before July 21, who is yet to be identified.

A release based on promise

Following his arrest, a U.S. district court judge granted Mashinsky bail. In the agreement, Mashinsky must surrender his travel documents to authorities and is restricted to traveling within New York. Furthermore, the document states that the former CEO of the crypto lender is prohibited from opening any new financial, business, or personal bank accounts, lines of credit, or cryptocurrency accounts without the approval of Pretrial Services.

The bond will be signed solely by his wife, while the identity of the co-signatory remains undisclosed. To secure the bond, Mashinsky’s New York City residence and bank account will serve as collateral.

Mashinsky’s  form of bail is known by the court of law as a personal recognizance bond which is an arrangement that permits the defendant to be released from custody without the need to pay any bail money. Instead, they are released based on their own promise, or personal recognizance, to appear in court for all hearings and legal proceedings for their case.

Former Celcius CEO pleaded not guilty to all charges.

Mashinsky’s legal team strongly denies the charges and has expressed their commitment to mounting an aggressive defense in court. He is currently being represented by Yankwitt LLP, a New York-based trial and litigation firm.

Misleading investors

Following Celsius Network’s declaration of bankruptcy in July 2022, the cryptocurrency consortium Fahrenheit has recently acquired its assets.

Then, on Thursday, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Alex Mashinsky and Celsius, asserting that they unlawfully raised billions of dollars by selling unregistered cryptocurrency securities. The SEC further alleges that Mashinsky and the New Jersey-based company misled investors about the financial state of the privately held firm.

On the same day, the Federal Trade Commission (FTC) accused the lending platform of deceiving consumers with limited knowledge of cryptocurrencies, encouraging them to deposit their assets on Celsius. Following their lead, the Commodity Futures Trading Commission (CFTC) charged Mashinsky and Celsius with fraud and material misrepresentations in connection with the operation of the crypto lending platform.