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Founder of failed crypto lending platform Celsius Network arrested on fraud charges
By LARRY NEUMEISTER (Associated Press)
NEW YORK (AP) — The founder and former CEO of the failed cryptocurrency lending platform Celsius Network was freed on $40 million bail Thursday after pleading not guilty to federal fraud charges alleging that he schemed to defraud customers by misleading them about key aspects of the business.
Alexander Mashinsky, 57, of Manhattan, was charged with securities, commodities and wire fraud in an indictment unsealed in Manhattan federal court. He was also charged with illegally manipulating the price of Celsius’s proprietary crypto token while secretly selling his own tokens at inflated prices.
Mashinsky left the court without commenting after an attorney, Benjamin Alee, told a magistrate judge that Mashinsky was pleading not guilty. When the judge asked if that was his plea, Mashinsky said it was. The $40 million personal recognizance bond is secured by property and the signatures of his wife and a second person.
Another Mashinsky attorney, Jonathan Ohring, said in an email that his client “vehemently denies the allegations brought today.”