A New York court has set the start date for the criminal trial of Alex Mashinsky, the former CEO of Celsius Network, as September 17, 2024.
During an October 3 hearing in the U.S. District Court for the Southern District of New York, Judge John Coltel announced that Mashinsky's criminal trial is scheduled for September 2024. Additional trials are set for March, July, and September 2024, with three pre-trial conferences per month. While legal proceedings are ongoing, the former Celsius CEO will remain free on $40 million bail, but he will have significant travel and financial transaction restrictions.
This hearing marked one of the initial developments in Mashinsky's criminal case following his arrest in July. Authorities allege that the former CEO misled Celsius investors and defrauded users of billions of dollars. In September, the court froze many of Mashinsky's assets, including his bank accounts and property.
Roni Cohen-Pavon, the former Chief Revenue Officer at Celsius, pleaded guilty in September to four criminal charges. He will be out on bail until a December sentencing hearing and may testify at Mashinsky's trial if required. The first week of October has witnessed the beginning of several high-profile court cases, both in and outside the cryptocurrency space. On October 3, jury selection started in the criminal trial of former FTX CEO Sam Bankman-Fried, while former U.S. President Donald Trump faced inquiries regarding his business practices in related civil fraud litigation.
Celsius Network filed for bankruptcy in July 2022, and Mashinsky stepped down as CEO in September 2022. Although the CFTC and SEC announced a settlement with Celsius Network in July, they still have pending cases against Mashinsky with the FTC.
