The trial for Alex Mashinsky, former CEO of the crypto-lending platform Celsius, who is facing charges of fraud, has been scheduled for September 17, 2024, according to a report by Bloomberg.
At a hearing in the US District Court, Mashinsky’s lawyers indicated that they intend to investigate whether cryptocurrency can be considered a security.
Defense attorney Robert Frenchman stated that the definition of a security is constantly evolving.
Mashinsky was originally accused by the New York Attorney General’s Office in January 2023 of defrauding investors of billions of dollars and was arrested in July of the same year.
In July 2023, the US Department of Justice added seven more criminal charges against Mashinsky, including securities fraud, price manipulation of CEL token, and conspiracy to defraud customers.
Mashinsky pleaded not guilty to all charges and was released on $40 million bail. In September, the court ruled to freeze Mashinsky’s assets while the case is ongoing.
