NEW YORK: Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday (Aug 4). Justice Margaret Chan said the attorney genera
NEW YORK: Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday .
Chan also said James could pursue some claims under the Martin Act, a powerful state securities law, and that the"earned interest accounts" that Celsius offered customers qualified as securities under state law. Mashinsky has separately pleaded not guilty to criminal fraud charges brought by the US Justice Department tied to Celsius' demise. He also faces related civil lawsuits by the US Securities and Exchange Commission, US Commodity Futures Trading Commission and US Federal Trade Commission.
Cryptocurrency lenders such as Hoboken, New Jersey-based Celsius grew rapidly as digital asset prices surged higher during the COVID-19 pandemic. The lenders promised easy loan access and high interest rates to depositors, and lent tokens to institutional investors, hoping to profit from the difference.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Founder of bankrupt crypto lender Celsius must face NY fraud lawsuitNEW YORK : Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday.Justice Margaret Chan said the attorney general suffi
Read more »
New York lags behind as US states confront reading crisis in schoolsNew York’s declines in fourth grade reading scores were double the national average last year on a major national test, leaving it tied in 32nd place with five other states. Read more at straitstimes.com.
Read more »
Hun Sen heir could get New York business reception after Cambodia successionWASHINGTON: The incoming hereditary ruler of Cambodia, a country Washington is keen to pull out of Beijing's orbit, could meet CEOs of US firms interested in investing there in
Read more »
New York park erupts in chaos as live streamer's giveaway goes awry:Thousands of people overran New York's Union Square and the surrounding streets on Friday after a popular live streamer announced a 'giveaway' event that grew chaotic, prompting hundreds of police officers to respond and disperse the crowd.The event was promoted by Kai Cenat, best known for his live streams
Read more »
New York park erupts in chaos as live streamer's giveaway goes awryThe event was promoted by Kai Cenat, best known for his live streams on the gaming site Twitch and YouTube videos. Read more at straitstimes.com.
Read more »
Hun Sen heir could get New York business reception after Cambodia successionWashington is keen to pull Cambodia out of Beijing’s orbit. Read more at straitstimes.com.
Read more »