Alex Machinsky, L.; former CEO of Celsius Network, is set for issuance on bail after him arrest fraud charges on Thursday 13th July.

Mashinsky has agreed to a personal pledge of $40 million, which his wife must sign by Friday, July 14, and another financially responsible individual before July 21, who Not yet determined.

Following his arrest, a US District Court judge released Mashinsky on bail. Under the agreement, Mashinsky must turn over his travel documents to authorities and is restricted to travel within New York. Moreover, the document states that the former CEO of the cryptocurrency lender is prohibited from opening any new financial and business or personal bank accounts and lines of credit or cryptocurrency accounts without the consent of Pre-trial services.

The bond will be signed only by his wife, while the ID of Co-location remains undisclosed. To secure the bonds, Mashinsky will reside in New York City and his bank account will act as collateral.

Mashinsky’s form of bail is recognized by the court of law as a personal guarantee, which allows a defendant to be released from custody without the need to pay any bail money. Instead, they are released based on their own promise, or personal recognition, to appear in court for all legal sessions and procedures related to their case.

The former Celcius CEO has pleaded not guilty to all charges.

After the announcement of Celsius Network’s bankruptcy in July 2022, the cryptocurrency consortium Fahrenheit recently acquired its assets.

Then, on Thursday, the US Securities and Exchange Commission (SEC) filed a lawsuit against Alex Machinsky and Celcius, alleging that they illegally amassed billions of dollars by selling unregistered cryptocurrency securities. The SEC further alleges that Mashinsky and the New Jersey-based company misled investors about the financial state of the privately-owned company.

On the same day, the FTC charged the lending platform with deceiving consumers with limited knowledge of cryptocurrencies and encouraging them to deposit assets on Celsius. The CFTC charged Mashinsky and Celsius with fraud and material misrepresentations in communication regarding the operation of the cryptocurrency lending platform.

Mashinsky’s legal team strongly denies these accusations and has expressed his commitment to an aggressive defense in court. He is currently represented by Yankwitt LLP, a New York-based trial and litigation firm.