Celsius (CEL) Price Holds Strong Despite Ex-CEO’s Frozen Assets

7:11 pm
September 6, 2023

The price of Celsius (CEL) continues to rise even as the former CEO, Alex Mashinsk, has had his assets frozen. At the time of writing, Celsius is trading at $0.1439, marking a 13.87% increase in a day.

Alex Mashinsk, the former CEO of Celsius, was arrested on July 13, 2023. He is currently facing criminal and civil charges for his involvement in the now-defunct platform. Mashinsk’s bail was set at $40 million shortly after his arrest.

Despite the negative news surrounding Mashinsk, the price of CEL remains strong. This is a testament to the resilience of the cryptocurrency and its community of investors.

In July 2023, the US Federal Trade Commission fined Celsius Network a staggering $4.7 billion, just hours after the US Securities and Exchange Commission (SEC) filed a lawsuit against the company and its former CEO. These regulatory actions have undoubtedly impacted the reputation of Celsius, but it has not dampened the price of CEL.

Furthermore, in August 2023, the US Bitcoin Corp (USBTC) mining company announced a deal with Celsius to manage its assets. This partnership came shortly after Celsius reached two significant settlements related to its bankruptcy proceedings and potential reimbursement of customer assets.

The Frozen Assets of Alex Mashinsky

Following a request from the US Justice Department, a federal judge has ordered the freezing of certain bank accounts and properties tied to Alex Mashinsky. These include accounts at Goldman Sachs and Merrill Lynch held in the names of holding companies, as well as accounts at First Republic Securities, SoFi Bank, and SoFi Securities in Mashinsky’s name. Additionally, the injunction extends to Mashinsky’s property in Austin, Texas, which he and his wife purchased in 2021.

It remains to be seen how these legal developments will impact the ongoing investigation into Celsius and the future of the cryptocurrency. However, for now, the price of CEL continues to defy the odds and maintain its upward trajectory.

FAQ

1. Why was Alex Mashinsky arrested?

Alex Mashinsky, the former CEO of Celsius, was arrested on July 13, 2023, and is facing criminal and civil charges for his involvement in the now-defunct platform.

2. What is the price of Celsius (CEL) currently?

At the time of writing, Celsius (CEL) is trading at $0.1439, representing a 13.87% increase in a day.

3. How much was the fine imposed on Celsius Network?

In July 2023, the US Federal Trade Commission fined Celsius Network a total of $4.7 billion.

4. How has the price of CEL been affected by these developments?

Despite the negative news surrounding the former CEO and the regulatory actions against Celsius Network, the price of CEL has remained strong and continues to rise.

5. What assets have been frozen?

As per the order from the US Justice Department, certain bank accounts held in the names of holding companies at Goldman Sachs and Merrill Lynch, as well as accounts at First Republic Securities, SoFi Bank, and SoFi Securities in Mashinsky’s name, have been frozen. Additionally, Mashinsky’s property in Austin, Texas, has also been included in the injunction.

Summary

The price of CEL remains resilient and continues to rise, despite the arrest and legal troubles of the former CEO, Alex Mashinsky. Celsius Network has faced regulatory actions and fines but has managed to secure partnerships and settlements, allowing it to move forward. The freezing of Mashinsky’s assets adds another layer of complexity to the ongoing investigation into Celsius. However, the price of CEL remains unaffected by these developments, proving the strong support from investors and the overall strength of the cryptocurrency.


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