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Celsius’ Mashinsky finally sued by the NY Attorney General

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It’s just about damn time.
Key Takeaways: Today, the New York Attorney General Letitia Jam filed a civil lawsuit against Alex Mashinsky, former Celsius CEO.
James claims Mashinsky defrauded investors through false statements about the company’s finances.
She is seeking restitution, damages and to stop Mashinsky ever doing business in New York.
Share this article. Former Celsius CEO Alex Mashinsky was accused of making false statements to investors about Celsius’ financial situation. Mashinsky is accused of lying to investors about Celsius’ financial status. She claimed that Mashinsky had “defrauded” hardworking individuals by promising them huge returns but that he had only left them in financial ruin. James stated that she was suing Mashinsky to recover damages and ban him from operating businesses here again. Her office claims that more than 26,000 New Yorkers have deposited more than $440 million in Celsius by December 31, 2021. However, James stated that she was suing Mashinsky for restitution and damages. She also wanted to ban him from operating businesses in New York. Court filings revealed that the company had a $1.19 Billion hole in its balance sheets. Celsius insiders claim that the hole was partly due to Mashinsky using customer money to trade BTC against the advice of several senior executives at the firm. Mashinsky reportedly lost $50,000,000 of company funds in January 2022 alone. Celsius insiders claim that this was partly due to Mashinsky using customer funds to trade BTC against the advice of multiple senior figures at the firm. Mashinsky suggested that Celsius be rebranded to “Kelvin” to allow the company to continue to focus on crypto custody services. Shortly thereafter, he resigned. Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.Share this articleThe information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News

 

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