Alex Mashinsky
Alex Mashinsky’s assets frozen by US court as part of criminal case
Published
10 months agoon
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A federal judge has ordered that certain bank accounts and property connected to former Celsius CEO Alex Mashinsky be frozen following a motion from the United States Justice Department.
According to a Sept. 5 filing in U.S. District Court for the Southern District of New York, a judge signed off on a request to unseal a restraining order related to Mashinsky’s assets. The Justice Department can freeze accounts at Goldman Sachs and Merrill Lynch under the names of holding companies as well as accounts at First Republic Securities, SoFi Bank and SoFi Securities under Mashinsky’s name.
Mashinsky’s property in Austin, Texas — which he purchased with his wife, Kristine, in 2021 — was also included in the order. The house had been listed for sale for more than a year, around the time Celsius filed for bankruptcy in July 2022.
This is a developing story, and further information will be added as it becomes available.
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Alex Mashinsky
Celsius creditors vote in favor of reorganization plan
Published
10 months agoon
September 26, 2023By
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The creditors involved in the Celsius bankruptcy case have voted in favor of a plan that will see funds returned to them as well as distributing equity through a new company.
According to a Sept. 25 filing from bankruptcy firm Stretto, most of the classes voted in favor of the plan by more than 98%.
The voting results are in! Over 95% of creditors across all eligible classes voted to accept the Plan, a testament to our collaborative efforts during Chapter 11. https://t.co/9Z5xlBhNts @CelsiusUcc @FahrenheitHldg.
— Celsius (@CelsiusNetwork) September 25, 2023
While voters have made a near-unanimous decision on the plan, the plan still needs final approval at a confirmation hearing in the United States Bankruptcy Court for the Southern District of New York scheduled for Oct. 2.
![](https://s3.cointelegraph.com/uploads/2023-09/e56a7b39-41e3-4ceb-92cf-a1da38e87412.png)
According to a disclosure statement filed on Aug. 17, the current plan will see approximately $2 billion worth of Bitcoin (BTC) and Ether (ETH) redistributed to Celsius Network creditors. The plan will also distribute equity in a new company, temporarily dubbed “NewCo.”
“NewCo will operate and further build out the Debtors’ Bitcoin mining operations, stake Ethereum, monetize the Debtors’ other illiquid assets, and develop new, value-accretive, regulatory-compliant business opportunities,” it wrote.
Notably, the new company will be managed by the Fahrenheit Group — a consortium of crypto-native individuals and organizations including former Algorand CEO Steven Kokinos, venture capital firm Arrington Capital, crypto miner US Bitcoin Corp, Proof Group Capital Management and Arrington Capital advisor Ravi Kaza.
Related: Celsius creditors flag renewed phishing attacks ahead of bankruptcy plan
Celsius Network was one of the first major casualties of the 2022 bear market, with the now-defunct crypto lender filing for bankruptcy on July 14, 2022.
On July 13, 2023, the SEC sued Celsius and its former CEO Alex Mashinsky for allegedly raising billions of dollars through unregistered and fraudulent offers involving “crypto asset securities.”
Mashinsky was then arrested on the same day, following an indictment from the U.S. Department of Justice, which accused the former CEO of fraudulent financial activity, misleading investors and a number of other similar charges.
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