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Judge denies ex-Celsius CEO motion to dismiss fraud, manipulation charges

Judge denies ex-Celsius CEO motion to dismiss fraud, manipulation charges
Judge denies ex-Celsius CEO motion to dismiss fraud, manipulation charges

A federal judge has rejected former Celsius CEO Alex Mashinsky’s attempt to dismiss two of the seven criminal charges he faces in the United States. The charges relate to allegations of commodities fraud and manipulation of the Celsius (CEL) token price. In a Nov. 8 decision, Judge John Koeltl of the U.S. District Court for the Southern District of New York ruled that the arguments presented by Mashinsky’s legal team were “either moot or without merit,” leaving all seven charges in place for Mashinsky’s trial set for January 2025.

Mashinsky’s legal team argued that there was an inconsistency in the charges, contending that the platform’s Earn Program was treated as a security, while Bitcoin deposited by investors was considered a commodity. Additionally, Mashinsky claimed he lacked “fair warning” that alleged CEL price manipulation could constitute a criminal offense. His attorneys also requested that references to Celsius’ bankruptcy be excluded from the criminal case, but Judge Koeltl deferred that decision until closer to trial.

Further legal proceedings and prospective juror questions

Mashinsky’s lawyers have also requested permission to question potential jurors about their awareness of FTX, the failed cryptocurrency exchange, arguing that public knowledge of FTX could influence juror perceptions of Mashinsky. They contend that references to FTX, which they describe as “toxic in the cryptocurrency world,” are inevitable in court testimonies and could bias jurors.

Mashinsky’s case has drawn significant attention as it marks one of the most prominent criminal prosecutions in the cryptocurrency industry. Additionally, former Celsius chief revenue officer Roni Cohen-Pavon, who was indicted alongside Mashinsky, initially pleaded not guilty but later changed his plea to guilty. His sentencing is scheduled for Dec. 11, underscoring the legal complexities and potential consequences for Celsius’ former leadership.

Additionally, FTX has filed a $1.76 billion lawsuit against Binance, accusing it of fraud in a stock buyout

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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