Context:
Alex Mashinsky was founded by Crypto Celsius Loan Company, which was failed in 2022 due to the collapse of Terra Luna and FTX. Shortly thereafter, Mashinsky was accused by US authorities and accused of fraud.
The prosecutors demand a serious sentence and quote Alex Mashinski as an obvious example of the consequences of the offenses in the cryptol.
Cell flourishes by 70%while Alex Mashinsky risk 20 years of imprisonment
The United States issued this application on Monday 28th April in the Memorandum for the Elderly on Monday, April 28, and lasted 20 years in prison for Alex Mashinsky.
The accusation criticizes Mashinsky for making “intentional and calculating” fraud that led to a loss of nearly $ 7 billion in customers’ funds.
Despite this report, the Cessius Customs Motor token increased by more than 70 %. In fact, at the time of writing this article, Congecko data shows that the cell was negotiated for $ 0.1507.
This application fell five months after Mashinsky finally confessed to the fraud accusation, including manipulation with the market token to avoid court proceedings in January. This equipment fraud and prices are also connected to various tricks associated with the collapse of Celsius.
According to the milking, although he confessed to Mashinsky, he always refuses to accept responsibility for his actions. Instead, it obviously rejects the mistake of regulatory bodies, market conditions and even its victims.
“Mashinsky’s crimes were not the fruit of negligence, naivety or bad luck. They were based on the deliberate and calculated decision to lie, deceive and fly in order to personally enrich themselves,” he says.
The case dates back to July 2023, when the United States and Stock Exchange Commission continued in Celsius and Mashinsky. The securities regulator thus quoted both accused for:
- False representation of the central business model and risk for investors.
- False representation of financial success.
- False representation of the customer’s safety on the Celsius platform.
- Manipulation with the Celsius tokens (Custom) market
In addition to DOC and SEC, other agencies, including CFTC (future Commission Commission), FTC (Federal Commercial Commission) and the US government, they also filed similar accusations against Celsius and Mashinsky.
“SEC, Doz, CFTC and FTC have all continued/accused Celsius and Mashinsky in the last hour. A difficult day,” DB informed at that time.
It is interesting to note that these complaints fell a year after Mashinsky resigned to its CEO Celsius. Over the years, a key point has been isolated in this case and Mashinsky said he had removed $ 10 million in front of the platform.
Nevertheless, the judge froze his assets and recently rejected his request for rejection of the accusation of fraud.
Part of the victim’s compensation procedures included the release of assets in Ethereum (ETH) platform. In January 2024, Celsius informed his subscribers about social networks that the team was working on compensating the victims.
“Significant unlocking of activity in the coming days will release ETH to guarantee the division at the right time to the creditors,” read the post.
More recently, Celsius announced the second payment to creditors and quoted $ 127 million in bitcoins (BTC) and US dollars depending on capacity.
Mashinsky’s conviction is scheduled for Thursday 8 May. If the court accepts the application of the United States for a 20 -year sentence, Alex Mashinsky would therefore receive a sentence lower than the sentence of Sam Bankman fried (SBF) FTX, which was sentenced to 25 years in prison for its role.
Morality History: Crypto fraud is very expensive for all who touch it.
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