Bilal Hüseynov 
Celsius Network’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’t continue its sustainable model. After bankrupting Celsius lenders, investors started to require their assets. In this case, Celsius couldn’t repay and it’s occurred the problem about them.
It is Not the First Case
As we know it’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 Gary Gensler thinks that cryptocurrency companies can’t these coins because they are securities. According to SEC, these companies can’t do that because they are not registered assets.
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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’s why Coinbase exposed this case.
Next Target: Celsius Network
Celsius network was affected by Terraform Labs collapse. After that, the platform couldn’t afford to customers withdraw offers. Even the lending platform announced its bankruptcy. That’s why it couldn’t pay its borrows. In this manner, Celsius blocked its own users’ 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.
Celsius Network didn’t face only SEC cases. Alex Mashinsky was sued by the Department of Justice USA, CFTC, and FTC. After the event Celsius Network’s native toke CEL dropped suddenly.
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