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By selling tokens at inflated prices, Mashinsky took home about $42 million, while Cohen-Pavon reaped $3.6 million.
Source: https://fortune.com/crypto/2023/07/14/celsius-ex-ceo-alex-mashinksy-token-grants-42-million/
Following an investigation into the company's downfall, it's reported the founder, Mashinsky, has been taken into custody.
Mashinsky touted himself as a “modern day Robin Hood” by promising investors returns as high as 17% — a boast that helped Celsius amass $20 billion in digital assets from investors all over the world, according to the complaint.
The case is New York v. Alex Mashinsky, New York State Supreme Court, New York County (Manhattan).
The civil lawsuit, filed by New York Attorney General Letitia James Thursday, alleges that ex-CEO Alex Mashinsky made false and misleading statements about Celsius’ safety to encourage investors to deposit digital assets onto the platform.
The lawsuit demands Mashinsky pay damages, restitution, and disgorgement and ban him from doing business in the state of New York, citing multiple violations.
The U.S. Attorney's Office in Manhattan said it would hold a press conference at 11:30 a.m. ET (1530 GMT) to provide details on the charges against Mashinsky and Cohen-Pavon.