Celsius Founder Alex Mashinsky Arrested: Bail Set at $40M

• Alex Mashinsky, the ex-CEO of bankrupt crypto lender Celsius Network, pleaded not guilty to fraud charges filed against him by the US Department of Justice.
• The DOJ granted a $40 million bail and set July 21 as a court-set deadline for the second FRP.
• Mashinsky is yet another high-profile crypto figure to be arrested following collapses and bankruptcies that hit crypto companies in 2022.

Celsius Founder Charged with Fraud

Alex Mashinsky, founder and former CEO of defunct crypto lender Celsius Network, has been charged with securities fraud, wire fraud, commodities fraud, and manipulating the price of its native asset CEL by the US Department of Justice (DOJ). He has pleaded not guilty to these charges.

Bail Set at $40 Million

Mashinsky was granted a personal recognizance bond worth $40 million which must be signed by two financially responsible persons (FRPs). His wife is one such FRP while the other needs to sign before July 21. In addition, he has been ordered to surrender his travel documents and prohibited from opening bank or cryptocurrency accounts unless approved by Pretrial Services.

High Profile Figures Arrested

Mashinsky is yet another high profile figure in crypto who have been arrested following the collapse and bankruptcy of various companies in 2022 including FTX CEO Sam Bankman-Fried and Terra founder Do Kwon.

SEC & CFTC Charges

The Securities & Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have also brought charges against Mashinky alongside those made by DOJ.


The arrest of such prominent figures from within the cryptocurrency industry could lead to further investigations into similar cases involving other companies or people associated with them. This could result in more arrests being made in relation to fraudulent activities within this sector.