Former Celsius Network CEO Sued for Alleged $ Billions Crypto Fraud

• New York Attorney General Letitia James is suing the former CEO of Celsius Network, Alex Mashinsky, for fraudulently taking billions of dollars worth of cryptocurrency from investors.
• The lawsuit claims that Mashinsky made false and misleading statements about the crypto lending platform and its investment products.
• The suit is seeking to ban Mashinsky from doing business in New York and to have him pay damages, restitution, and disgorgement.

New York Attorney General Letitia James has taken legal action against Alex Mashinsky, the former CEO of bankrupt crypto lending platform Celsius Network, for allegedly defrauding investors out of billions of dollars worth of cryptocurrency. The lawsuit is seeking to ban Mashinsky from doing business in New York and for him to pay damages, restitution and disgorgement.

According to the lawsuit, Mashinsky made false and misleading statements about the state of Celsius and its investment products. He failed to register as a securities and commodities dealer and as a salesperson, and he did not reveal the company’s financial statements to the investors until the worst of the damage had been done. The lawsuit claims that Mashinsky had lured investors in with promises of financial freedom, but instead they were left with financial ruin.

In addition to the charges of fraud, the lawsuit also claims that Mashinsky had taken part in risky businesses that involved crypto assets, and that he had failed to register as a securities and commodities dealer and as a salesperson. Furthermore, the lawsuit alleges that Mashinsky had knowingly misled investors about the state of the Celsius Network.

The Attorney General is seeking to have Mashinsky banned from doing business in New York and for him to pay damages, restitution and disgorgement. The lawsuit is also seeking to have the court order Mashinsky to return any money or property that was obtained as a result of his alleged fraud.

If found guilty, Mashinsky could face significant fines and criminal penalties. It is important to note that this is only a lawsuit at this stage, and that it is possible that the courts may find Mashinsky not guilty.

Regardless of the outcome, this case serves as a reminder of the importance of due diligence in the cryptocurrency space. Investors should always do their research and be aware of who they are investing with, and always be wary of false or misleading promises. With the continued growth of the crypto space, it is vital that investors remain vigilant if they want to protect their money.

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