Celsius Holdings experienced a turbulent Thursday trading session. Shares plummeted over 6% following Texas Attorney General Ken Paxton's disclosure of a state-level inquiry into Alani Nu's promotional strategies, pushing CELH down to $27.72 — hovering just above the 52-week bottom of $27.66.
Mashinsky argued improving creditor recoveries and the SEC's handling of Gemini Earn undermine the narrative surrounding Celsius's collapse.
Mashinsky's appeal highlights the complexities of legal accountability in crypto, potentially influencing future fraud defenses and regulatory scrutiny. Celsius founder Alex Mashinsky seeks to vacate 12-year fraud sentence, blames Sam Bankman-Fried.