Former Celsius CEO arrested on fraud prices as FTC traces up a $4.7 billion superb

A coin is set aflame to reveal a digital wireframe underneath.
Illustration by Alex Castro / The Verge

The previous CEO of the fallen Celsius crypto lending firm, Alex Mashinsky, and the corporate’s chief income officer, Roni Cohen-Pavon, have been arrested on prices of committing securities fraud, in accordance with Bloomberg. On Thursday, the Justice Division unsealed prices towards Mashinsky and Cohen-Pavon for inflating the worth of Celsius’ crypto token, referred to as CEL, whereas mendacity to Celsius prospects concerning the token, their actions, and the corporate’s general well being.

The DOJ claims Mashinsky and Cohen-Pavon “illicitly manipulated the worth of CEL,” inflicting traders to purchase the token at inflated costs. The DOJ claims that promoting their tokens, at the same time as Mashinsky advised Celsius prospects he wasn’t promoting, pulled in $42 million for…

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