U.S. prosecutors have pushed back against former Celsius CEO Alex Mashinsky’s motion to dismiss two criminal charges brought against him.

Prosecutors argued that the charges, which include commodities fraud and market manipulation, show Mashinsky’s intention to mislead investors about his crypto platform’s profitability and business practices and manipulate the market for Celsius’ proprietary CEL token.

Celsius filed for bankruptcy in July 2022. Mashinsky resigned as CEO two months later.

Since then, prosecutors have alleged that Mashinsky, 59, misled investors about Celsius’s financial health and manipulated the crypto market to benefit from inflated token prices.

This eventually led to halted customer withdrawals and a bankruptcy filing.

Mashinsky’s challenge

On Jan. 12, Mashinsky submitted an argument for dismissing the two criminal charges against him, contending that the dual charges for securities and commodities fraud are contradictory and incompatible.

Specifically, Mashinsky’s contention rested on the contradiction of treating Ce

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Author: Julius Mutunkei

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