Alexander Mashinsky, Founder and Former Chief Executive Officer of Celsius, Charged with Defrauding Celsius Customers, and Mashinsky and Roni Cohen-Pavon, Former Celsius Chief Revenue Officer, Charged with Manipulating the Market for Celsius Crypto Token

Celsius Network LLC Accepts Responsibility and Pledges to Continue Cooperating

Damian Williams, the United States Attorney for the Southern District of New York, and Christie M. Curtis, the Acting Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging ALEXANDER MASHINSKY, the founder and former Chief Executive Officer of Celsius Network LLC and their affiliated entities (collectively, “Celsius”), with securities fraud, commodities fraud, and wire fraud for defrauding customers and misleading them about core aspects of the company he founded, including Celsius’s success, profitability, and the nature of the investments Celsius made using customer funds. MASHINSKY and RONI COHEN-PAVON, Celsius’s former Chief Revenue Officer, are further charged with conspiracy, securities fraud, market manipulation, and wire fraud for illicitly manipulating the price of CEL, Celsius’s proprietary crypto token, all while secretly selling their own CEL tokens at artificially inflated prices.

On June 12, 2022, Celsius announced it was halting all customer withdrawals from the Celsius platform, at which time hundreds of thousands of Celsius...

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