Founder of crypto lender Celsius Network arrested, charged with fraud

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Welcome to Trivia Time, the channel where you can learn something new every day. If you enjoy our videos, please like, share and subscribe to our channel for more trivia content. Today, we have a shocking story about the founder of a crypto lender who was arrested and charged with fraud.

Alex Mashinsky, the founder and former CEO of Celsius Network, a cryptocurrency lending platform, was arrested and charged with fraud by a U.S. prosecutor in New York on Thursday. He faces seven criminal counts, including securities fraud, commodities fraud and wire fraud. His former chief revenue officer, Roni Cohen-Pavon, was also charged with four criminal counts.

According to the indictment, Mashinsky and Cohen-Pavon manipulated the market of Celsius’ crypto token, called Cel, and deceived investors about the financial success of the company. They also allegedly violated federal securities laws by selling unregistered crypto asset securities.

But that’s not all. Three federal regulatory agencies - the SEC, the CFTC and the FTC - also sued Mashinsky and Celsius on Thursday, accusing them of various violations and misconduct. The FTC said it had reached a settlement with Celsius that will permanently ban it from handling customers’ assets.

This is a major blow to Celsius Network, which claimed to be one of the largest crypto lenders in the world, with over 1 million users and $25 billion in assets under management. The company offered high interest rates to users who deposited their crypto assets with them, and lent them to other users or institutions.

What do you think of this story? Do you think Mashinsky and Cohen-Pavon are guilty of fraud? How will this affect the crypto lending industry? Let us know in the comments below. And don’t forget to like, share and subscribe to Trivia Time for more trivia content. Thanks for watching and see you next time.

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