Celsius (CEL) Price Resilient Amid Ex-CEO Asset Freezing


Celsius (CEL) price is soaring despite the negative news about its former CEO, Alex Mashinsk, who was arrested on July 13, 2023. The Celsius founder’s bail was set at $40 million shortly after his arrest. He is being investigated for his involvement in Celsius which is currently defunct since it filed for bankruptcy in July 2022.

In July 2023, the US Federal Trade Commission imposed a $4.7 billion fine on Celsius Network, and just hours after that the United States SEC filed a lawsuit against Celsius Network and its former CEO.

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

At present, Celsius is trading at $0.1439, up 13.87% in a day.

The US Justice Department requested a federal judge to freeze certain bank accounts and properties linked to the former Celsius CEO Alex Mashinsky. The judge signed off a motion to unseal a restraining order pertaining to Mashinsky’s assets. Accounts at Goldman Sachs and Merrill Lynch in the names of holding companies, as well as accounts at First Republic Securities, SoFi Bank, and SoFi Securities in Mashinsky’s name, were all frozen by the Justice Department. The injunction also covered Mashinsky’s Austin, Texas, property that he and his wife Kristine bought in 2021.

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