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Former Celsius Network CEO Charged with Fraud by US Department of Justice

Alex Mashinsky, former CEO and co-founder of Celsius Network, has been arrested and charged with fraud by the US Department of Justice, along with ex-chief revenue officer Roni Cohen-Pavon. The company is facing lawsuits from the US Securities and Exchange Commission and the US Commodity Futures Trading Commission for violating finance laws and misleading investors. Mashinsky has been charged on seven counts, including securities, commodities, and wire fraud, and several conspiracy-related allegations. Celsius, a crypto lending platform, filed for bankruptcy in July 2022, leaving customers with a billion-dollar deficit and frozen withdrawals. The company's unsustainable business model relied on high yields to attract investors, leading to significant losses and allegations of fraud.

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