The lawsuit seeks disgorgement of any proceeds derived from Mashinsky's unlawful practices as well as restitution for investors.
The lawsuit seeks disgorgement of any proceeds derived from Mashinsky’s unlawful practices as well as restitution for investors.
Alex Mashinsky, the co-founder and former CEO of bankrupt cryptocurrency lender Celsius Network has been sued by New York Attorney General Letitia James for allegedly defrauding investors, including more than 26,000 New Yorkers, out of billions of dollars worth of digital assets., the AG alleged that before Celsius’ bankruptcy, Mashinsky repeatedly made false and misleading statements about the company’s safety to persuade investors to deposit billions of dollars worth of crypto on the platform.
James added that Mashinsky claimed that Celsius made “safe, low-risk investments” and only lent assets to “credible and reputable entities,” while in reality exposing investors’ assets to high-risk counterparties and strategies with many leading to losses, which the former CEO kept from investors.The AG also mentioned some of the residents who were left in ruins due to Mashinsky’s actions.
The lawsuit seeks to ban Mashinsky from doing business or serving as a director or officer of any entity operating in New York. The complaint also seeks to “secure disgorgement of any proceeds derived from Mashinsky’s unlawful conduct, as well as damages and restitution for investors.” The lawsuit is part of the AG’s effort to enforce New York laws in the crypto sector. James had previously filed lawsuits against crypto lenders, including Nexo and the now-bankrupt BlockFi.that Celsius had won claims over $4.2 billion worth of assets deposited in its Earn accounts.
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