China News Today TheBitTimes.com

Celsius Ex-CEO Assets Freeze by Court The restraining order is part of an extensive investigation into Mashinsky’s purported misconduct. Moreover, it follows his arrest in July on fraud charges filed by the U.S. Securities and Exchange Commission (SEC).  advertisement According to court documents, there is probable cause to believe Mashinsky’s assets are tied to securities fraud, wire fraud, market manipulation, and money laundering. Consequently, these assets are now subject to forfeiture. Mashinsky had stepped down from his role at Celsius in September 2022. He cited that his position had become an “increasing distraction” as the company faced severe financial difficulties. Celsius declared bankruptcy last year during a market downturn that rattled the entire crypto sector. Hence, the court permitted the firm to convert its altcoin holdings into Bitcoin and Ethereum to stabilize its financial standing. Celsius CEO Mashinsky Fights...

Also Read: XRP, Ethereum Leads Sell Off As Crypto Market Bleeds advertisement Celsius Looks To Dodge Collateral Return As per Celsius ’s Reorganization Plan, it will sell all customers’ altcoin s excluding custody and withhold accounts holdings. It mentioned that the process will start on July 1st, 2023. However, the amount recovered from the altcoin sale will be converted into Bitcoin and Ethereum. This development comes after the bankrupt crypto lender’s announcement of choosing Fahrenheit’s proposal in a bid to handle a new entity that is decided to be owned by its creditors. However, David Adler, Bankruptcy Partner at McCarter & English stated that a segment of borrowers represented by him in the case might file an opposition to this plan. It is expected that Celsius might not return their collateral. Read More Crypto News Here… Recommended Articles ...