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🔥 BREAKING: DOJ Seeks 20-Year Sentence for Celsius Founder Alex Mashinsky 🔥
In a landmark move, the U.S. Department of Justice (DOJ) has recommended a 20-year prison sentence for Alex Mashinsky, the former CEO of the now-defunct cryptocurrency lending platform Celsius Network. This comes after Mashinsky's guilty plea to two counts of fraud, including commodities fraud and securities fraud, in December 2024. Federal prosecutors described his actions as a "deliberate, calculated" campaign of lies and self-dealing that resulted in billions of dollars in losses for customers.
📉 The Collapse of Celsius Network
Celsius Network, once a prominent player in the crypto lending space, filed for bankruptcy in July 2022 after halting withdrawals, leaving approximately $4.7 billion in customer funds inaccessible. Investigations revealed that Mashinsky misled customers about the platform's operations and manipulated the price of Celsius's proprietary token, CEL, to sell his holdings at inflated prices, profiting around $48 million in the process.
⚖️ Legal Proceedings and Sentencing
Mashinsky's sentencing is scheduled for May 8, 2025, where U.S. District Judge John Koeltl will determine the final sentence. The DOJ's recommendation of a 20-year term aligns with the severity of the crimes committed, aiming to restore public trust in the financial system and deter similar fraudulent activities in the future.
🧠 Industry Implications
This case serves as a stark reminder of the importance of transparency and accountability in the cryptocurrency industry.
📢 Community Reactions
The crypto community has been abuzz with reactions to the DOJ's recommendation.
As the sentencing date approaches, all eyes will be on the courtroom to see if the recommended sentence is upheld, marking a significant moment in the ongoing efforts to regulate and legitimize the cryptocurrency industry.
#Celsius #AlexMashinsky #CryptoFraud #DOJ #CryptoRegulation
In a landmark move, the U.S. Department of Justice (DOJ) has recommended a 20-year prison sentence for Alex Mashinsky, the former CEO of the now-defunct cryptocurrency lending platform Celsius Network. This comes after Mashinsky's guilty plea to two counts of fraud, including commodities fraud and securities fraud, in December 2024. Federal prosecutors described his actions as a "deliberate, calculated" campaign of lies and self-dealing that resulted in billions of dollars in losses for customers.
📉 The Collapse of Celsius Network
Celsius Network, once a prominent player in the crypto lending space, filed for bankruptcy in July 2022 after halting withdrawals, leaving approximately $4.7 billion in customer funds inaccessible. Investigations revealed that Mashinsky misled customers about the platform's operations and manipulated the price of Celsius's proprietary token, CEL, to sell his holdings at inflated prices, profiting around $48 million in the process.
⚖️ Legal Proceedings and Sentencing
Mashinsky's sentencing is scheduled for May 8, 2025, where U.S. District Judge John Koeltl will determine the final sentence. The DOJ's recommendation of a 20-year term aligns with the severity of the crimes committed, aiming to restore public trust in the financial system and deter similar fraudulent activities in the future.
🧠 Industry Implications
This case serves as a stark reminder of the importance of transparency and accountability in the cryptocurrency industry.
📢 Community Reactions
The crypto community has been abuzz with reactions to the DOJ's recommendation.
As the sentencing date approaches, all eyes will be on the courtroom to see if the recommended sentence is upheld, marking a significant moment in the ongoing efforts to regulate and legitimize the cryptocurrency industry.
#Celsius #AlexMashinsky #CryptoFraud #DOJ #CryptoRegulation
Мін’юст США запропонував 20 років ув’язнення для колишнього CEO Celsius
Міністерство юстиції США 28 квітня 2025 року запропонувало засудити колишнього генерального директора криптоплатформи Celsius Алекса Машинського до 20 років ув’язнення. Про це йдеться у меморандумі, поданому до федерального суду Манхеттена. Машинського звинувачують у шахрайстві та маніпуляціях із цінами токена CEL, що призвело до збитків клієнтів на суму близько $4,7 млрд. У грудні 2024 року він визнав провину, підтвердивши, що його дії завдали збитків на $550 млн, а сам він отримав $48 млн особистої вигоди.
Прокуратура наполягає на суворому покаранні, аргументуючи, що Машинський роками вводив клієнтів в оману щодо безпеки їхніх депозитів, використовуючи кошти для власного збагачення. «Суд має призначити 20 років ув’язнення як справедливе покарання за багаторічну брехню та мільярдні збитки тисяч постраждалих», — заявили в Мін’юсті. Вирок Машинському планують винести 8 травня 2025 року.
Справа викликала резонанс у криптоспільноті, адже Celsius була однією з найбільших платформ до банкрутства у 2022 році. Деякі постраждалі клієнти вимагають максимального терміну, хоча є й ті, хто просить поблажливості, вважаючи Машинського жертвою атак конкурентів.
#Celsius #AlexMashinsky #CryptoFraud #USDOJ #Stablecoin #Blockchain #加密欺诈 #美国司法部 #区块链
Підпишіться на #MiningUpdates для найсвіжіших новин!
Прокуратура наполягає на суворому покаранні, аргументуючи, що Машинський роками вводив клієнтів в оману щодо безпеки їхніх депозитів, використовуючи кошти для власного збагачення. «Суд має призначити 20 років ув’язнення як справедливе покарання за багаторічну брехню та мільярдні збитки тисяч постраждалих», — заявили в Мін’юсті. Вирок Машинському планують винести 8 травня 2025 року.
Справа викликала резонанс у криптоспільноті, адже Celsius була однією з найбільших платформ до банкрутства у 2022 році. Деякі постраждалі клієнти вимагають максимального терміну, хоча є й ті, хто просить поблажливості, вважаючи Машинського жертвою атак конкурентів.
#Celsius #AlexMashinsky #CryptoFraud #USDOJ #Stablecoin #Blockchain #加密欺诈 #美国司法部 #区块链
Підпишіться на #MiningUpdates для найсвіжіших новин!
⚖️ Former Celsius CEO Alex Mashinsky Faces 20-Year Prison Sentence
🏛 The U.S. Department of Justice is seeking a 20-year sentence for Alex Mashinsky, former CEO of Celsius Network, citing "catastrophic financial and emotional harm" caused to thousands of investors through alleged crypto fraud.
⚠️ Once a prominent figure in the crypto space, Mashinsky now faces serious consequences in a case that underscores growing regulatory scrutiny and accountability in the industry.
#Crypto #Regulation #Celsius #AlexMashinsky #DOJ
🏛 The U.S. Department of Justice is seeking a 20-year sentence for Alex Mashinsky, former CEO of Celsius Network, citing "catastrophic financial and emotional harm" caused to thousands of investors through alleged crypto fraud.
⚠️ Once a prominent figure in the crypto space, Mashinsky now faces serious consequences in a case that underscores growing regulatory scrutiny and accountability in the industry.
#Crypto #Regulation #Celsius #AlexMashinsky #DOJ
🚨 Crypto Highlights – April 23, 2025 🚨
Celsius Scandal: Founder Alex Mashinsky pleads guilty to fraud; faces up to 30 years in prison.
Bhutan’s Green Mining: Bhutan uses hydropower to mine eco-friendly crypto, boosting its economy.
Kraken’s Big Move: Kraken acquires NinjaTrader for $1.5B, expanding into traditional finance.
#CryptoNews
#Blockchain #Celsius #Kraken #GreenCrypto
Celsius Scandal: Founder Alex Mashinsky pleads guilty to fraud; faces up to 30 years in prison.
Bhutan’s Green Mining: Bhutan uses hydropower to mine eco-friendly crypto, boosting its economy.
Kraken’s Big Move: Kraken acquires NinjaTrader for $1.5B, expanding into traditional finance.
#CryptoNews
#Blockchain #Celsius #Kraken #GreenCrypto
Celsius has been trying to claw back hundreds of millions from FTX, initially claiming $2 billion in damages over alleged “disparaging statements” that FTX officers made against Celsius that accelerated its fall.
#CelsiusLawsuit #celsius #FTXAuction #BinanceAlphaAlert #BTCMiningPeak
#CelsiusLawsuit #celsius #FTXAuction #BinanceAlphaAlert #BTCMiningPeak
$BTC is making a push towards 100k, while $ETH continues its march towards 4k. We’re keeping an eye on $SOL and TON
Meanwhile, SUI keeps expanding its ecosystem with listing of E4C token on BingX to compete against SAND or GALA. E4C is a cross-platform gaming player, It is the first major GameFi project built on the SUI blockchain, created in collaboration with Mysten Labs.
Which gamefi are you holding?
#Celsius #BTC Price Analysis#BNBHitsATH
Meanwhile, SUI keeps expanding its ecosystem with listing of E4C token on BingX to compete against SAND or GALA. E4C is a cross-platform gaming player, It is the first major GameFi project built on the SUI blockchain, created in collaboration with Mysten Labs.
Which gamefi are you holding?
#Celsius #BTC Price Analysis#BNBHitsATH
Celsius Appeals Rejection of $444 Million Claim in FTX Bankruptcy Case
Celsius Fights for Compensation from FTX
Celsius Network, the defunct crypto lending platform, has filed an appeal after Judge John Dorsey rejected its $444 million damage claim against FTX. This legal battle is part of the ongoing FTX bankruptcy proceedings, aimed at addressing losses from the collapse of the crypto exchange led by Sam Bankman-Fried.
Original $2 Billion Claim Reduced to $444 Million
Initially, Celsius sought up to $2 billion in damages, alleging that misleading statements about its financial stability made by FTX officials accelerated its collapse in 2022.
Later, Celsius reduced its claim to $444 million, focusing on so-called “preferential transfers,” which could prioritize repayments to specific creditors.
FTX and Court Reject Celsius’ Claims
FTX debtors argued that the evidence provided by Celsius was insufficient to support its claim. They also noted that the amended $444 million claim was submitted too late.
In December 2023, Judge Dorsey dismissed both the original $2 billion claim and the amended $444 million version, citing insufficient evidence. He added that Celsius had not requested permission to amend its claims or provided an explanation for the delay in submitting them.
Celsius Faces Additional Legal Challenges
In November 2024, Celsius pledged to distribute $127 million to creditors from its litigation recovery account. In the same month, a New York federal judge denied former Celsius CEO Alex Mashinsky’s attempt to dismiss fraud charges.
Mashinsky faces allegations of manipulating the price of Celsius’ native token, CEL, and fraud linked to the company’s collapse. If convicted, he could face up to 115 years in prison.
Conclusion
Celsius Network continues to pursue compensation from FTX, emphasizing disputes over evidence and timing. Meanwhile, the company and its former executives face significant legal challenges, complicating efforts to rebuild trust and achieve fair settlements with creditors.
#LegalBattle , #Celsius , #FTX , #CryptoNewss , #bankruptcy
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Celsius Network, the defunct crypto lending platform, has filed an appeal after Judge John Dorsey rejected its $444 million damage claim against FTX. This legal battle is part of the ongoing FTX bankruptcy proceedings, aimed at addressing losses from the collapse of the crypto exchange led by Sam Bankman-Fried.
Original $2 Billion Claim Reduced to $444 Million
Initially, Celsius sought up to $2 billion in damages, alleging that misleading statements about its financial stability made by FTX officials accelerated its collapse in 2022.
Later, Celsius reduced its claim to $444 million, focusing on so-called “preferential transfers,” which could prioritize repayments to specific creditors.
FTX and Court Reject Celsius’ Claims
FTX debtors argued that the evidence provided by Celsius was insufficient to support its claim. They also noted that the amended $444 million claim was submitted too late.
In December 2023, Judge Dorsey dismissed both the original $2 billion claim and the amended $444 million version, citing insufficient evidence. He added that Celsius had not requested permission to amend its claims or provided an explanation for the delay in submitting them.
Celsius Faces Additional Legal Challenges
In November 2024, Celsius pledged to distribute $127 million to creditors from its litigation recovery account. In the same month, a New York federal judge denied former Celsius CEO Alex Mashinsky’s attempt to dismiss fraud charges.
Mashinsky faces allegations of manipulating the price of Celsius’ native token, CEL, and fraud linked to the company’s collapse. If convicted, he could face up to 115 years in prison.
Conclusion
Celsius Network continues to pursue compensation from FTX, emphasizing disputes over evidence and timing. Meanwhile, the company and its former executives face significant legal challenges, complicating efforts to rebuild trust and achieve fair settlements with creditors.
#LegalBattle , #Celsius , #FTX , #CryptoNewss , #bankruptcy
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🚨 BREAKING: Celsius vs. Tether Showdown! 💣
Crypto lender Celsius is suing Tether for a whopping $2.4 billion in #Bitcoin ! 😱 The lawsuit claims Tether pulled a fast one, making "fraudulent" and "preferential" $BTC transfers.🤔
Is Tether's stablecoin empire built on shaky ground?
🏰 Stay tuned for the #crypto courtroom drama of the century! 🎭
#celsius #CelsiusDrama
Crypto lender Celsius is suing Tether for a whopping $2.4 billion in #Bitcoin ! 😱 The lawsuit claims Tether pulled a fast one, making "fraudulent" and "preferential" $BTC transfers.🤔
Is Tether's stablecoin empire built on shaky ground?
🏰 Stay tuned for the #crypto courtroom drama of the century! 🎭
#celsius #CelsiusDrama
Celsius begins second distribution of $127 million to eligible creditors
Creditors will receive Bitcoin valued at $95,836.23, boosting total recovery to 60.4% as Celsius continues payouts.
🔸 Key Takeaways
Celsius Network's second distribution of $127 million raises recovery rate to 60.4% for creditors.
Creditors will receive Bitcoin valued at $95,836.23, the weighted average price for this distribution.
Celsius Network is distributing $127 million to eligible creditors in its second payout under bankruptcy proceedings, following the crypto lender’s collapse in July 2022, according to court filings.
The latest distribution raises the total recovery rate to 60.4% of eligible claims, building on January 2024’s initial payout that delivered approximately 57.65% of eligible claims in liquid crypto assets or cash.
The second distribution consists primarily of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 per BTC to match claim values.
The payout covers various creditor classes, including retail deposit claims, general earn claims, and unsecured loan claims.
Cash distributions are being made to creditors who opted out of crypto payments or encountered logistical issues during the first round.
Celsius’s bankruptcy in July 2022 was a significant event in the crypto lending industry, as the company owed billions to its creditors.
The initial distribution in January 2024 marked a crucial step in the company’s efforts to rectify its financial obligations.
Former Celsius Network CEO Alex Mashinsky is scheduled to face a jury trial beginning on January 28, 2025, following a pretrial conference set for January 16, 2025.
#Celsius
Creditors will receive Bitcoin valued at $95,836.23, boosting total recovery to 60.4% as Celsius continues payouts.
🔸 Key Takeaways
Celsius Network's second distribution of $127 million raises recovery rate to 60.4% for creditors.
Creditors will receive Bitcoin valued at $95,836.23, the weighted average price for this distribution.
Celsius Network is distributing $127 million to eligible creditors in its second payout under bankruptcy proceedings, following the crypto lender’s collapse in July 2022, according to court filings.
The latest distribution raises the total recovery rate to 60.4% of eligible claims, building on January 2024’s initial payout that delivered approximately 57.65% of eligible claims in liquid crypto assets or cash.
The second distribution consists primarily of liquid crypto assets, with funds converted to Bitcoin at an average price of $95,836.23 per BTC to match claim values.
The payout covers various creditor classes, including retail deposit claims, general earn claims, and unsecured loan claims.
Cash distributions are being made to creditors who opted out of crypto payments or encountered logistical issues during the first round.
Celsius’s bankruptcy in July 2022 was a significant event in the crypto lending industry, as the company owed billions to its creditors.
The initial distribution in January 2024 marked a crucial step in the company’s efforts to rectify its financial obligations.
Former Celsius Network CEO Alex Mashinsky is scheduled to face a jury trial beginning on January 28, 2025, following a pretrial conference set for January 16, 2025.
#Celsius
Celsius vs tether en el día de hoy se están disputando 2400 millones de usdt serían unos 39.542 los btc reclamados por parte de Celsius tether presenta su defensa después de que Celsius intime a varias empresas del sector para juntar dinero y pagar a sus acreedores!!
#Bitcoin #tether #celsius $BTC
Crees que puede afectar al mercado cripto??
#Bitcoin #tether #celsius $BTC
Crees que puede afectar al mercado cripto??
Si
56%
No
44%
9 votes • Vote fermé
🚨 LATEST: Celsius has filed a notice of appeal against a judge’s order that disallowed its $444M claims for damages from FTX as part of its ongoing bankruptcy case. #celsius #CelsiusLawsuit #BTCMiningPeak #MicroStrategyStockSale #BTCMiningPeak
Is Celsius a Hidden Gem or Just Another Pump-and-Dump Scheme
On June 04th, Celsius reached a high of $8.00. Following this peak, the price declined by 98%, hitting a low of $0.0857 on June 10, 2023.
After reaching the new low, CEL traded in a consolidation zone below $0.4500 for nearly nine months.On May 5th, the consolidation phase ended, and the #Celsius price surged by 155% within seven days.Subsequently, the price dipped by 54%, finding support around $0.50.Yesterday, a long bullish candle formed, with the price increasing by 170%, reaching levels not seen since September 2022.CEL is currently forming a Tweezer top candle on the daily chart.As per Coin Gabbar analysis, If $CEL breaches yesterday's high and the psychological level of $1.50, the price can test $2.00.If the bulls fail to breach the upper level, a pump-and-dump scenario might occur, potentially driving the price below $1.00.
KEY LEVELS :
RESISTANCE LEVEL : $1.5000-$2.0000
SUPPORT LEVEL : $0.8500-$0.5000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
#altcoins #BinanceLaunchpool #buythedip #CelestiaAdventure #celsius
After reaching the new low, CEL traded in a consolidation zone below $0.4500 for nearly nine months.On May 5th, the consolidation phase ended, and the #Celsius price surged by 155% within seven days.Subsequently, the price dipped by 54%, finding support around $0.50.Yesterday, a long bullish candle formed, with the price increasing by 170%, reaching levels not seen since September 2022.CEL is currently forming a Tweezer top candle on the daily chart.As per Coin Gabbar analysis, If $CEL breaches yesterday's high and the psychological level of $1.50, the price can test $2.00.If the bulls fail to breach the upper level, a pump-and-dump scenario might occur, potentially driving the price below $1.00.
KEY LEVELS :
RESISTANCE LEVEL : $1.5000-$2.0000
SUPPORT LEVEL : $0.8500-$0.5000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
#altcoins #BinanceLaunchpool #buythedip #CelestiaAdventure #celsius
FTX ve Celsius cüzdanlarında bulunan bu 3 altcoini borslara ttasfer etti. FTX ve Celsius cüzdanlarında bulunan $BTC $ETH ve $MATIC coinleri merkezi borsalara trasfer etti.
İflas tasfiyesini hızlandırmak isteyen iki kurum cüzdanlarını boşaltıyor. Merkezi borsalara aktarılan bu işlemler ile ciddi satış baskıları oluşurken piyasayı olumsuz etkileme ihtimalide bulunmaktadır. #celsius varlıklarını #binance borsasına aktarırken bu varlıklar #wbtc ve #eth varlıklarından oluşmaktadır.
#ftx ise varlıklarını binance ve wintermute platformuna taşımaktadır. Varlıkkar arasında #btc #matic ve eth bulunmaktadır.
Daha fazlası için @The Leon Coin ve satoshiturk.com adreslerini takip edebilirsiniz.
İflas tasfiyesini hızlandırmak isteyen iki kurum cüzdanlarını boşaltıyor. Merkezi borsalara aktarılan bu işlemler ile ciddi satış baskıları oluşurken piyasayı olumsuz etkileme ihtimalide bulunmaktadır. #celsius varlıklarını #binance borsasına aktarırken bu varlıklar #wbtc ve #eth varlıklarından oluşmaktadır.
#ftx ise varlıklarını binance ve wintermute platformuna taşımaktadır. Varlıkkar arasında #btc #matic ve eth bulunmaktadır.
Daha fazlası için @The Leon Coin ve satoshiturk.com adreslerini takip edebilirsiniz.
📊 Celsius Network appeals $2B disparagement claim rejection against FTX
Celsius Network filed a notice of appeal on Dec. 31, contesting Judge John Dorsey’s decision to disallow the bankrupt crypto lender’s $2 billion disparagement claim against defunct crypto exchange FTX.
The appeal, now slated for review in the District Court, marks the latest development in the ongoing legal confrontation between the two embattled crypto firms.
🔸 Allegations of disparagement
The appeal stems from Celsius’ assertions that defamatory statements made by FTX executives, employees, and affiliates negatively impacted the company’s reputation and financial health, allegedly accelerating its bankruptcy in July 2022.
Celsius contended that FTX’s public comments reduced confidence in its services, driving customers to withdraw funds and ultimately pushing the platform toward insolvency.
According to court filings, Celsius initially filed a $2 billion claim citing “unsubstantiated and disparaging statements” circulated by FTX insiders. However, FTX resisted the claim, arguing that Celsius’ assertions lacked sufficient evidence and fell outside the scope of bankruptcy claims.
🔸 Amended claim
In December, more than a year after the initial claim, Celsius amended its filing, reducing the requested amount to $444 million. This revised claim shifted focus to preferential transfers, alleging that certain payments made to FTX prior to its bankruptcy should be clawed back.
However, Judge Dorsey disallowed both the original and amended claims, citing procedural deficiencies.
The ruling highlighted that Celsius failed to seek court approval for the late amendment, ultimately sustaining FTX’s objection. Dorsey’s conclusion emphasized that the amended claim could not bypass procedural requirements, regardless of the substantive nature of the allegations.
The case highlights the fierce legal battles erupting across the crypto sector as firms embroiled in bankruptcy proceedings attempt to recover assets and mitigate losses.
#CEL #Celsius
Celsius Network filed a notice of appeal on Dec. 31, contesting Judge John Dorsey’s decision to disallow the bankrupt crypto lender’s $2 billion disparagement claim against defunct crypto exchange FTX.
The appeal, now slated for review in the District Court, marks the latest development in the ongoing legal confrontation between the two embattled crypto firms.
🔸 Allegations of disparagement
The appeal stems from Celsius’ assertions that defamatory statements made by FTX executives, employees, and affiliates negatively impacted the company’s reputation and financial health, allegedly accelerating its bankruptcy in July 2022.
Celsius contended that FTX’s public comments reduced confidence in its services, driving customers to withdraw funds and ultimately pushing the platform toward insolvency.
According to court filings, Celsius initially filed a $2 billion claim citing “unsubstantiated and disparaging statements” circulated by FTX insiders. However, FTX resisted the claim, arguing that Celsius’ assertions lacked sufficient evidence and fell outside the scope of bankruptcy claims.
🔸 Amended claim
In December, more than a year after the initial claim, Celsius amended its filing, reducing the requested amount to $444 million. This revised claim shifted focus to preferential transfers, alleging that certain payments made to FTX prior to its bankruptcy should be clawed back.
However, Judge Dorsey disallowed both the original and amended claims, citing procedural deficiencies.
The ruling highlighted that Celsius failed to seek court approval for the late amendment, ultimately sustaining FTX’s objection. Dorsey’s conclusion emphasized that the amended claim could not bypass procedural requirements, regardless of the substantive nature of the allegations.
The case highlights the fierce legal battles erupting across the crypto sector as firms embroiled in bankruptcy proceedings attempt to recover assets and mitigate losses.
#CEL #Celsius
⚖️ Celsius Sues Tether - The $3,500,000,000 Bitcoin Battle Begins!
Celsius, the now-defunct crypto exchange, is taking Tether to court, seeking around $3.5 billion in Bitcoin, damages, and legal fees. This lawsuit stems from what Celsius claims was a misappropriation of assets during its bankruptcy proceedings.
The Allegations 🔍
Celsius alleges that during its bankruptcy, it provided Tether with 39,542.42 BTC as collateral for a loan in Tether’s stablecoin, USDT. As Bitcoin's price plummeted, Celsius was supposed to post more collateral to avoid liquidation. However, according to the lawsuit, Tether sold off the Bitcoin collateral at a price point that covered Celsius’ debt almost exactly, without giving Celsius a chance to provide the additional collateral.
Tether's Defense
Tether is not backing down, calling the lawsuit a baseless "shake down." The company asserts that the liquidation was carried out at Celsius' request, not in violation of their agreement. Tether claims Celsius chose not to post more collateral and instead directed Tether to liquidate the BTC to close out an $815 million USDT position.
What's at Stake?
The amount Celsius is seeking includes 57,428.64 BTC, which, as of Aug. 10, is worth about $3.48 billion, plus at least $100 million in damages. This lawsuit is one of the largest of its kind, with Tether stating that even in the remote scenario where Celsius wins, USDT holders will not be affected due to Tether’s $12 billion in consolidated equity.
The Bigger Picture
This legal battle highlights the intense scrutiny and high stakes involved in crypto transactions, especially when companies face financial distress. The outcome of this case could set a significant precedent for how collateralized loans and liquidations are handled in the crypto space.
Stay tuned as this high-stakes legal drama unfolds & follow @Professor Mende - Bonuz Ecosystem Founder !
#tether #celsius #legal #bitcoin #marketnews
$BTC
Celsius, the now-defunct crypto exchange, is taking Tether to court, seeking around $3.5 billion in Bitcoin, damages, and legal fees. This lawsuit stems from what Celsius claims was a misappropriation of assets during its bankruptcy proceedings.
The Allegations 🔍
Celsius alleges that during its bankruptcy, it provided Tether with 39,542.42 BTC as collateral for a loan in Tether’s stablecoin, USDT. As Bitcoin's price plummeted, Celsius was supposed to post more collateral to avoid liquidation. However, according to the lawsuit, Tether sold off the Bitcoin collateral at a price point that covered Celsius’ debt almost exactly, without giving Celsius a chance to provide the additional collateral.
Tether's Defense
Tether is not backing down, calling the lawsuit a baseless "shake down." The company asserts that the liquidation was carried out at Celsius' request, not in violation of their agreement. Tether claims Celsius chose not to post more collateral and instead directed Tether to liquidate the BTC to close out an $815 million USDT position.
What's at Stake?
The amount Celsius is seeking includes 57,428.64 BTC, which, as of Aug. 10, is worth about $3.48 billion, plus at least $100 million in damages. This lawsuit is one of the largest of its kind, with Tether stating that even in the remote scenario where Celsius wins, USDT holders will not be affected due to Tether’s $12 billion in consolidated equity.
The Bigger Picture
This legal battle highlights the intense scrutiny and high stakes involved in crypto transactions, especially when companies face financial distress. The outcome of this case could set a significant precedent for how collateralized loans and liquidations are handled in the crypto space.
Stay tuned as this high-stakes legal drama unfolds & follow @Professor Mende - Bonuz Ecosystem Founder !
#tether #celsius #legal #bitcoin #marketnews
$BTC
#SATS remain bullish for the moment, it's following the initial setup📈
TP3 has been touched✔️
We moved your stop loss at entry price for safety!
Secure your gains, respect the trading rules!
I was very busy today, but managed to take a lot of profits on the on $1000SATS and #CELL 😁💰
I will check your request and post more analyses tonight around 21h00 UTC +2 [PM] 💥
#Crypto_Jobs🎯 #TradingShot #celsius
TP3 has been touched✔️
We moved your stop loss at entry price for safety!
Secure your gains, respect the trading rules!
I was very busy today, but managed to take a lot of profits on the on $1000SATS and #CELL 😁💰
I will check your request and post more analyses tonight around 21h00 UTC +2 [PM] 💥
#Crypto_Jobs🎯 #TradingShot #celsius
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