Former Celsius CEO Mashinsky to appear in court on Nov 13

Alex Mashinsky, the former CEO of Celsius (CRYPTO:CEL), is scheduled to return to a New York courtroom on November 13.

This appearance will address his motion to dismiss charges of fraud and market manipulation.

The court session was ordered by Judge John Koeltl in an October 23 filing with the United States District Court for the Southern District of New York.

During this hearing, both Mashinsky and prosecutors are expected to present arguments regarding the dismissal of charges related to commodities fraud and market manipulation.

His legal team initially filed these motions in January.

Mashinsky faces seven felony counts after his arrest in July 2023.

Prosecutors allege that he, along with former chief revenue officer Roni Cohen-Pavon, engaged in actions to “illicitly manipulat[e] the price of CEL,” the Celsius platform's token.

Mashinsky is accused of misleading users regarding the nature of their investments, resulting in significant financial implications.

Court records indicate that Mashinsky has not attended a court session in person since February.

In addition to the upcoming hearing, a pretrial conference is set for January 16, with a jury trial scheduled to commence on January 28.

Cohen-Pavon has faced travel restrictions since his arrest but reportedly attended the Token2049 conference in Singapore after receiving permission.

Initially pleading not guilty, he later changed his plea to guilty.

Sentencing for Cohen-Pavon is set for December 11.

The November 13 appearance is also connected to Mashinsky's request to preserve testimony from six key witnesses living outside the U.S.

These witnesses, including Cohen-Pavon, are considered crucial to Mashinsky's defense.

His lawyers assert that five of the witnesses disregarded instructions regarding revenue generation through the sale of CEL tokens.

Celsius filed for bankruptcy in July 2022, beginning to repay creditors in 2024.

Additionally, Mashinsky faces ongoing civil cases from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.

At press time, the Celsius Network price was $0.2655.