Another crypto fraud surfaced! $20 billion extorted- Watch Video

Publish Date: 09 Jan, 2023 |
 

The founder of Celsius Network, Alex Mashinsky, is being sued by the attorney general of New York for allegedly defrauding investors out of billions of dollars in digital currency by concealing the deteriorating state of his now-insolvent cryptocurrency lending platform. 

Letitia James, the attorney general, filed a complaint alleging that Mashinsky continued to promote Celsius as a secure alternative to banks while concealing hundreds of millions of dollars in losses on risky investments and offering interest rates as high as 17% on deposits.

Mashinsky is accused of breaking several laws, including the Martin Act of New York, which provides James broad authority to investigate securities fraud prosecutions, and is asked to pay penalties as well as be barred from conducting business in New York.

 

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