Trial for Former Celsius CEO Set for September 2024
The trial for the former CEO of crypto lending platform Celsius, Alex Mashinsky, who is being charged with fraud, has been scheduled for September 17, 2024.
According to Bloomberg, the defense team hinted at their strategy during a recent hearing in the US District Court, stating that they will be looking into whether cryptocurrency can be considered a security.
Defense attorney Robert Frenchman stated that the definition of a security under the law is not set in stone. In January 2023, Mashinsky was accused by the New York Attorney General’s Office of defrauding investors of billions of dollars.
He was arrested in July of that year. In the same month, the US Department of Justice added seven more criminal charges against Mashinsky, including securities fraud, manipulation of the price of the CEL token, misleading investors, and conspiracy to defraud customers.
Mashinsky has pleaded not guilty to all charges and was released on bail of $40 million. In September, the court ordered the freezing of his assets while the case is ongoing.
