Mon, September 16, 2024 at 17:37

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some intriguing news about Alex Mashinsky, the former CEO of Celsius, who is currently serving a prison term of over 100 years.

  • He is seeking testimony from six former employees in his criminal case.

  • 
• Annie

  • Wow, over 100 years?

  • That's intense!😲 What exactly is he being accused of?

  
• 

  Kang-hoon

  • Mashinsky was charged last year for defrauding customers and falsely portraying the financial position of Celsius.

  • His defense claims that he relied on information provided by his team and did not intend to cause harm.

• Annie

  • Interesting.

  • So, who are these six former employees he's calling to testify?

  
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• 

  Kang-hoon

  • The memorandum filed by his attorneys on Friday includes the former CFO and CRO of the company.

  • One notable name is Roni Cohen-Pavon, the ex-Chief Revenue Officer, who pleaded guilty to counts last year.

• Annie

  • Roni Cohen-Pavon?

  • What role did he play in this case?

  
• 

  Kang-hoon

  • Cohen-Pavon and other employees allegedly ignored Mashinsky's instructions and attempted to manipulate the price of CEL tokens.

  • Prosecutors have evidence that they planned together to increase the price before selling them.

• Annie

  • That sounds like a serious accusation.

  • What does Mashinsky's defense say about this?

  
• 

  Kang-hoon

  • Mashinsky's lawyers argue that he relied on legal advice from Cohen-Pavon regarding the purchase and sale of CEL tokens.

  • They claim that any inaccuracies in his public statements were corrected by Celsius's legal and risk teams without his knowledge.

• Annie

  • So, they are saying he wasn't aware of the manipulations?🤔

  
• 

  Kang-hoon

  • Exactly.

  • His defense claims that he acted in good faith and accepted corrections made by the legal and risk teams.

  • They argue that these corrections were almost always made without his knowledge.

• Annie

  • What about the lawsuit filed by the Celsius Network Litigation Administrator in July?

  
• 

  Kang-hoon

  • The lawsuit was filed in the United States Bankruptcy Court for the Southern District of New York.

  • It targets a group of Celsius account holders who allegedly received preferential transfers, including those with more than $100,000 in Withdrawal Preference Exposure.

• Annie

  • That sounds like a complex legal battle.

  • How do you think this will impact the market?

  
• 

  Kang-hoon

  • In my opinion, this news is a negative development.

  • The ongoing legal issues and allegations of fraud could further erode investor confidence in Celsius and the broader cryptocurrency market.

  • 

  • It highlights the risks associated with investing in such platforms.

• Annie

  • I see.

  • So, you think this is bad news for the market overall?

  
• 

  Kang-hoon

  • Yes, I do.

  • The uncertainty and potential for further legal repercussions make it a challenging environment for investors.

  • It's crucial to stay informed and cautious when dealing with such volatile assets.

• Annie

  • Thank you, Kang-hoon.

  • Your insights are always helpful.😊

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Stay informed and make wise decisions.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.