JAKARTA - The federal court in New York has frozen assets of Alexander Mashinsky, the former CEO of a crypto loan lender who is now bankrupt, Celsius Network.
This development was revealed on September 5, when documents revealing a freezing order opened. In addition to real estate ownership, the order targeted several bank accounts linked to Mashinsky and related entities.
This detention order is part of an extensive investigation into Mashinsky's offenses. This came after his arrest in July on charges of fraud filed by the US Securities and Exchange Commission (SEC).
According to court documents, there is a high probability that Mashinsky's assets are linked to securities fraud, wire fraud, market manipulation, and money laundering. Therefore, these assets must now be confiscated.
Mashinsky has resigned from his post in Celsius in September 2022. He mentioned that his position has become an "increasing disruption" as the company faces severe financial difficulties.
Celsius declared bankrupt last year during a market decline that rocked the entire crypto sector. Therefore, the court allowed the company to convert its altcoin holdings into Bitcoin and Ethereum to stabilize its financial position.
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Denying Allegations
On the other hand, Mashinsky vehemently denied accusations aimed at maintaining his reputation and legacy in court. After being released on a $40 million guarantee, his lawyer, Jonathan Ohring, announced that his client firmly rejected all charges directed at him.
In addition, US regulators, including the SEC and the Commodity Futures Trade Commission, take firm action against fraud in the crypto industry. This surge in law enforcement stems from the bankruptcy of a number of crypto companies and the growing public concern about existing legal issues and surveillance of cryptocurrencies.
The Federal Trade Commission has also imposed a fine of USD 4.7 billion (approximately IDR 72 trillion) on Celsius but suspended it from allowing the platform to use its assets during the bankruptcy process.
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