Alex Mashinsky, the former CEO of cryptocurrency lending platform Celsius Network, appeared in federal court last week, pleading not guilty to numerous charges, including securities fraud, commodities fraud, and wire fraud.

The court session marks the latest twist in a long and complex narrative that has unfolded within the crypto lending industry.

An Array of Charges

On the day of his arraignment, Mashinsky, 57, turned up to the Manhattan federal court in an understated gray polo shirt and jeans, and without handcuffs. He was arrested following a slew of lawsuits initiated by several federal regulatory agencies, including the Commodity Futures Trading Commission (CFTC), the Federal Trade Commission (FTC), and the Securities and Exchange Commission (SEC).

As reported by Reuters, the charges against Mashinsky and Celsius revolve around allegations that they “misled customers and artificially inflated the value of [Celsius’s] propriety crypto token.” In total, Mashinsky was charged with seven criminal counts, an indictment that was unsealed on the same day of his court appearance.

A High-Profile Case

This case isn’t the first legal challenge Celsius and Mashinsky have faced. Earlier this year, New York state’s attorney general also accused Mashinsky of fraud.

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Author: Vince Dioquino

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