The founder of Celsius Network, one of the bankrupt crypto companies of 2022, has been arrested. The arrest warrant for Alex Mashinksy came hours after today’s SEC trial. The hot development leads to a sharp drop in altcoin prices associated with the company.
Celsius Network founder arrested
Alex Mashinksy, the founder of Celsius Network, was arrested today, Bloomberg reported. The arrest warrant came after the SEC filed a lawsuit Thursday. The US regulator accuses the founder of engaging in securities fraud with the company Celsius.
Celsius Network declared bankruptcy in July last year. cryptocoin.com As we have reported, the company is currently converting its remaining altcoin reserves into BTC and ETH.
Celsius Network founder Alex Mashinksy faced a new lawsuit from the CFTC earlier this month. The report said investigators at the CFTC concluded that the Celsius CEO was violating regulators’ rules by misleading investors.
SEC, DOJ, CFTC, and FTC file lawsuits against Celsius and former CEO Mashinsky
Meanwhile, the arrest warrant for Alex Mashinksy came shortly after the July 13 trials in the United States. The US SEC, DOJ, CFTC and FTC scrutinized Celsius Network and its former CEO. Then, within an hour, the arrest process for Mashinsk began.
With the latest development, Alex Mashinksy is facing jail time.
The arrest decision also affected altcoin prices
Celsius Network’s cryptocurrency, CEL, has lost around 7% after the latest developments. Its price is currently trading at the intraday low at $0.1507. Meanwhile, CEL price hit the $8,0233 ATH level in June last year. It is currently trading at 98% discount from this level.
Meanwhile, recent reports have shown that the company has the following altcoin reserves to use for refunds.
- Cardano (ADA): 103,065 units, total value $26,227,569
- Celsius (CEL): 660,348 units, total value $70,516,582
- Chainlink (LINK): 3,337,000 units, total value $17,285,660
- Polygon (MATIC): 91,630 units, total value $51,828,860
- Litecoin (LTC): 197,000 units, total value of $14,398,730
- Bitcoin Cash (BCH): 53,000 units, total value of $5,461,650
- Binance Coin (BNB): 19,000 units, total value of $4,411,040
- Solana (SOL): 145,000 units, total value $2,064,800
- Uniswap (UNI): 864,000 units, total value $3,672,000
- Aave (AAVE): 106,000 units, total value $5,254,420
- Stellar (XLM): 47,851,000 units, total value $3,611,793
- EOS: 3,119,000 units, total value of $1,953,944
- Polkadot (DOT): 1,832,000 units, total value $7,859,280
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