Celsius

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 <a href="https://www.bloomberg.com/news/articles/2023-07-13/sec-files-lawsuit-against-celsius-network-alex-mashinsky" rel="noopener noreferrer nofollow">Bloomberg has reported</a> that the US securities regulatory agency has filed a suit against <a href="https://u.today/breaking-former-celsius-ceo-arrested" rel="noopener noreferrer nofollow">Alex Mashinsky</a> and <a href="https://u.today/cardano-community-alarmed-as-robinhood-and-celsius-poised-to-dump-millions-in-ada" rel="noopener noreferrer nofollow">Celsius Network</a> in federal court of Manhattan. No details of the suit have so far been available for sharing, the source says. However, judging by the recent lawsuits set up by the SEC against crypto companies – Binance and Coinbase, the accusations will most likely be to do with breaking securities law. 
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 U.S SEC SUES CELSIUS NETWORK, ALEX MASHINSKY— *Walter Bloomberg (@DeItaone) <a href="https://twitter.com/DeItaone/status/1679470571942232064?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 13, 2023</a> 
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 Celsius was a major crypto firm that shut down in 2022, it became popular for offering high interest on crypto deposited to its wallets. However, the company’s business shut down after in May last year TerraUSD stablecoin crashed along with the LUNA token. 
 Celsius suffered major losses on its balance sheet and crashed under the pressure of spiked withdrawals made by its customers. 
 <a href="https://u.today/guides/litecoin-ltc-halving-approaches-what-to-know" rel="noopener noreferrer nofollow">card</a> 
 This is not the first lawsuit that has hit Celsius and its founder this year. In January, <a href="https://www.ft.com/content/73f60c89-a876-46c0-a2fb-ce7f0b605b19" rel="noopener noreferrer nofollow">The Financial Times reported</a> that the company and Mashinsky saw a civil suit filed against them, initiated by the New York attorney-general. It accused Mashinshy of “defrauding hundreds of investors” and violating US security laws. 
 While the company was operating, it offered 17% returns to its clients via its Earn feature. The lawsuit stated that Mashinsky did not register as a salesperson for Celsius, nor did he register as a dealer in commodities and securities operating in New York.
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SEC Files Lawsuit Against Celsius and Its Founder Alex Mashinsky

U_Today

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