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Trial of Celsius founder Alex Mashinsky begins

Author: Content Editor
Alex Mashinsky, the founder of Celsius Network, is facing trial in New York after the collapse of the company in 2022. Mashinsky is charged with wire fraud, securities fraud, and commodities fraud, and could face up to 115 years in prison if convicted. Lawyers representing Mashinsky argue that he did not intend to defraud anyone and that his claims to customers were made in good faith. Five witnesses, including former executives, who live abroad may not be able to testify in court. The collapse of Celsius led to frozen withdrawals for 1.7 million customers, and the company blamed extreme market conditions. However, regulators claim that false and misleading statements were made to investors, with significant risks taken with investors' funds. Celsius has since rebranded as Ionic Digital and is now focused on Bitcoin mining. Creditors have been compensated up to 85 cents on the dollar.

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