{"id":1936,"date":"2023-07-15T13:33:57","date_gmt":"2023-07-15T13:33:57","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=1936"},"modified":"2023-07-15T15:00:52","modified_gmt":"2023-07-15T15:00:52","slug":"sec-sued-celsius-network","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/sec-sued-celsius-network\/","title":{"rendered":"SEC Sued Celsius Network"},"content":{"rendered":"<p>Celsius Network&#8217;s former CEO <strong>Alex Mashinsky<\/strong> faced an SEC case. At the same time, the former CEO is the founder of Celsius Network. Almost 1 year ago Celsius Network was affected by the FTX crash. After that, the platform couldn&#8217;t continue its sustainable model. After bankrupting Celsius lenders, investors started to require their assets. In this case, Celsius couldn&#8217;t repay and it&#8217;s occurred the problem about them.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/sec-sued-celsius-network\/#It_is_Not_the_First_Case\" title=\"It is Not the First Case\u00a0\">It is Not the First Case\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/sec-sued-celsius-network\/#Next_Target_Celsius_Network\" title=\"Next Target: Celsius Network\">Next Target: Celsius Network<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"It_is_Not_the_First_Case\"><\/span><strong>It is Not the First Case\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As we know it&#8217;s not the first case for SEC in this year. Before early, SEC also sued Binance US and Coinbase. Hence, SEC argued that cryptocurrencies are security except for Bitcoin. Furthermore, the Chairman of the SEC <strong>Gary Gensler<\/strong> thinks that cryptocurrency companies can&#8217;t these coins because they are securities. According to SEC, these companies can&#8217;t do that because they are not registered assets.<\/p>\n<blockquote><p><strong>You might also like: <\/strong><a href=\"https:\/\/coinengineer.net\/blog\/is-the-crypto-market-crashing-sec-targeted-binanceus\/\" target=\"_blank\" rel=\"noopener\"><strong>Is the crypto market crashing? SEC targeted BinanceUS!<\/strong><\/a><\/p><\/blockquote>\n<p>SEC also sued Coinbase because of its staking service. Hence, Coinbase has a staking program and the program presents passive income opportunities for its users. According to SEC, these unregistered securities are included in the program. That&#8217;s why Coinbase exposed this case.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Next_Target_Celsius_Network\"><\/span><strong>Next Target: Celsius Network<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Celsius network was affected by <strong>Terraform Labs<\/strong> collapse. After that, the platform couldn&#8217;t afford to customers withdraw offers. Even the lending platform announced its bankruptcy. That&#8217;s why it couldn&#8217;t pay its borrows. In this manner, Celsius blocked its own users&#8217; accounts suddenly. Nowadays, one address that belongs to Celsius moved its assets. After that Celsius Network announced that the reason for the movement is converting all assets (altcoins) to Bitcoin or Ethereum.<\/p>\n<p>Celsius Network didn&#8217;t face only SEC cases. Alex Mashinsky was sued by the Department of Justice USA, CFTC, and FTC. After the event Celsius Network&#8217;s native toke CEL dropped suddenly.<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p><strong><cite>You can present your thoughts as comments about the topic. Moreover, you can follow us on <a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\">Telegram<\/a>, <a href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"noreferrer noopener\">Twitter<\/a>, and <a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\">YouTube<\/a> channels for the kind of news<\/cite><\/strong><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Celsius Network&#8217;s former CEO Alex Mashinsky faced an SEC case. At the same time, the former CEO is the founder of Celsius Network. Almost 1 year ago Celsius Network was affected by the FTX crash. After that, the platform couldn&#8217;t continue its sustainable model. After bankrupting Celsius lenders, investors started to require their assets. In<\/p>\n","protected":false},"author":1,"featured_media":1956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[236,61,60,543,544,546,62,393,336,58,106,105,44,39],"class_list":["post-1936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-altcoin","tag-bitcoin","tag-btc","tag-celsius-case","tag-celsius-crash","tag-celsius-sec-case","tag-coin","tag-crypto","tag-cryptocurrencies","tag-cryptocurrency","tag-eth","tag-ethereum","tag-million-dollars","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Sued Celsius Network - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Celsius Network&#039;s former CEO Alex Mashinsky faced an SEC case. 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