Bankrupt Crypto Firm Celsius Network and Former CEO Sued for Fraud

  • Bankrupt crypto lending firm Celsius Network and ex-CEO Alex Mashinsky faced multiple lawsuits from the SEC, CFTC and FTC, and Mashinsky was arrested for fraud.
  • The accused allegedly defrauded Celsius Network’s customers by promising high returns on unregistered and fraudulent crypto asset securities.
  • After declaring bankruptcy in June 2022, Celsius’ assets were acquired by a consortium Fahrenheit, planning to distribute liquid assets to account holders under a new management.
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