A U.S. District Court in the United States has set bail for the co-founder and former CEO of Celsius Network at $40 million
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Alex Mashinsky was arrested Thursday on charges of orchestrating a “multi-year scheme to mislead customers”. He is charged with seven counts, including securities and commodities fraud, wire fraud and conspiracy to manipulate the price of the Celsius CEL token. The arrest was authorized by the U.S. Department of Justice.
On Friday, July 14 14, in court, Mashinsky pleaded not guilty to all seven charges. His wife will pay his bail, according to court documents.
In May, Celsius’ attorneys filed a motion to dismiss the New York City prosecutor’s office’s lawsuit, insisting: the allegations are baseless because they rely on rumors and misinformation spread on the Internet;