The defense team for Alex Mashinsky argues that the prosecution misinterpreted the Celsius Earn program when presenting it to the court.
“It is inconsistent and illogical to view the Celsius Earn Program as offering the simultaneous purchase of a security and the sale of a commodity. Authorities cannot charge a defendant with both options at once… We believe that an appropriate remedy would be to dismiss one of the counts,” the motion states.
In addition, Mashinsky’s legal team plans to challenge the market manipulation charges, arguing that they should be classified as a civil offense rather than a criminal one. Furthermore, they request that any references to Celsius’ bankruptcy unrelated to the prosecution be removed from the case.
“References to the bankruptcy of Celsius should be excluded from the indictment. For the same reasons, the government should be prohibited from presenting evidence of Celsius’ bankruptcy during the trial,” the attorneys stated.
Previously, the defense team for the bankrupt cryptocurrency lender Celsius sought the dismissal of a lawsuit filed by the US Federal Trade Commission (FTC) accusing Alex Mashinsky of defrauding investors.