Celsius and Mashinsky: The Most Striking Indictment Details (1)

The US Justice Department’s case against Alex Mashinsky, the former chief executive officer of bankrupt crypto lender Celsius Network Ltd., paints a picture of a man who went to great lengths to dupe investors about the value of his once-high-flying business.

In an indictment unsealed Thursday in Manhattan, prosecutors claim that from 2018 through June 2022 Mashinsky orchestrated a wide-ranging scheme to mislead Celsius customers about “core aspects” of the company’s business and inflate the value of its proprietary token, CEL. The alleged scheme was previewed in an earlier civil suit by New York’s attorney general, but the ...