Celsius

Terra

Alex Mashinsky, the founder of Celsius, has filed a motion to dismiss the lawsuit brought by the New York Attorney General (NYAG), Letitia James, in an amusing and captivating manner. The NYAG accuses Mashinsky of defrauding investors out of hundreds of millions of dollars by running an unregistered securities and commodities broker-dealer. It is worth noting that more than 26,300 New York residents used the Celsius Network platform.



Alex Mashinsky has delivered a strong response to the allegations against him by the NYAG, claiming that the NYAG is merely echoing false information with unfounded conclusions. Mashinsky has refuted the accusations and placed responsibility for the situation on external factors beyond his and Celsius&#8217;s control.



Mashinsky has further asserted that the liquidity crunch led to Celsius&#8217;s temporary suspension of withdrawals and subsequent filing for bankruptcy. He has denied any wrongdoing and has maintained that Celsius operated in good faith, with the interests of its users as a top priority.



Despite the seriousness of the allegations, Mashinsky has responded in a confident and unyielding manner. His statements indicate a determination to defend himself and Celsius against what he views as baseless accusations.



The New York Attorney General has accused Alex Mashinsky, the CEO of Celsius Network, of <a href="https://www.law360.com/articles/1562802/ny-sues-ex-celsius-ceo-over-risky-crypto-investments" rel="nofollow noopener" target="_blank">mishandling</a> the company&#8217;s financial affairs. The NYAG alleges that Mashinsky&#8217;s actions led to the exposure of the Celsius Network on the FTX cryptocurrency exchange, which subsequently collapsed under Sam Bankman-Fried (SBF) leadership. The NYAG claims Mashinsky&#8217;s actions exposed the crypto lender to Do Kwon&#8217;s Terra LUNA.



The company&#8217;s creators also argued that Celsius was powerless when his platform ultimately failed. According to Mashinsky&#8217;s dismissal petition, Celsius put a lot of money into failed to Do Kwon and Sam Bankman-Fried ventures that couldn&#8217;t have been seen as fraudulent.

Celsius network CEO defends against NYAG’s claims of financial mishandling

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