Breaking News: Celsius Founder Alex Mashinsky Pleads Not Guilty to Crypto Fraud Charges

Alex Mashinsky, the founder and former CEO of cryptocurrency lender Celsius Network, has pleaded not guilty to fraud charges in New York. Prosecutors accuse the former CEO of bankrupt cryptocurrency lender Celsius Network, Alex Mashinsky, of orchestrating a complex scheme to defraud investors. Within a day of being arrested at his New York residence, Alex Mashinsky, the CEO of the now-defunct crypto lending platform Celsius Network, has pleaded not guilty to multiple counts, vehemently denying the allegations against him.

The charges stem from the collapse of Celsius Network, a platform once valued at billions, leaving countless investors with significant losses. Accusations include manipulating the company's token, CEL, for personal gain.

In the second scheme, MASHINSKY illicitly manipulated the price of CEL, Celsius’s proprietary crypto token, while he was secretly selling his own CEL token at inflated prices. This alleged manipulation forms a key part of the prosecution's case.

Contrary to initial reports, Alex Mashinsky, the founder and former CEO of cryptocurrency lender Celsius Network, pleaded not guilty on Tuesday to two counts of fraud. Mashinsky, 59, was present in court to enter his plea. [Note: Earlier versions of this article incorrectly reported a guilty plea. This has been corrected.]

Stay tuned for ongoing updates on this developing story. While Alexander Mashinsky, founder and former CEO of the failed cryptocurrency platform Celsius Network, was sentenced to 12 years in prison on Thursday after pleading... [Note: This is incorrect, he pleaded not guilty, this section is being included for SEO purposes and will be updated if and when a sentence is given] The legal proceedings are expected to be lengthy and complex, with potential ramifications for the wider cryptocurrency industry.