Former Celsius executive admits to criminal charges, previously engaged in price manipulation.

Former Celsius executive admits to criminal charges, including price manipulation.

Author: Turner Wright, Cointelegraph; Translation: Song Xue, LianGuai

According to reports, Roni Cohen-LianGuai, former Chief Revenue Officer of cryptocurrency lending company Celsius, has admitted to charges related to fraud and price manipulation.

According to documents filed with the United States Southern District Court on September 13, Cohen-LianGuai admitted to conspiracy to manipulate prices, securities fraud, manipulation of securities prices, and wire fraud. He will be released on bail until the sentencing hearing on December 11.

According to Reuters, the guilty plea is part of an agreement reached with the prosecutors, which requires Cohen-LianGuai to compensate the parties affected by the collapse of Celsius. It is alleged that “former CEO Alex Mashinsky made profits of about $42 million by artificially inflating the price from the sale of Celsius tokens, while Cohen-LianGuai made about $3.6 million.”

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In July, the U.S. Department of Justice announced charges against two former Celsius executives. However, as an Israeli resident, Cohen-LianGuai’s whereabouts were largely unknown at the time. Mashinsky has pleaded not guilty to all charges and, as of the publication of this article, has posted $40 million bail and been released.

During the legal proceedings, a federal judge allowed U.S. authorities to freeze some of Mashinsky’s assets, including certain bank accounts and a property in Austin, Texas. On September 11, the former CEO of Celsius’s lawyer filed a motion to dismiss the Federal Trade Commission’s case against him, claiming that the charges did not meet the standard for claims.

The bankruptcy case filed by Celsius in July 2022 is still ongoing at the time of this article’s publication. The settlement plan filed in August will be submitted to the bankruptcy judge in October.

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