Ex-Celsius Oga Alex Mashinsky Get Court Allowamce to Travel Before Dem Judge Am for CEL Token Price Play
Alex Mashinsky, wey be former CEO of Celsius Network, don get court permission to travel from New York go Memphis to attend him pikin daughter wedding between May 26 and 29. Dem don set him sentencing for May 8 for U.S. District Court for Southern District of New York, where Judge John Koeltl go decide him fate afta dem accuse am of commodities fraud and manipulating the price of Celsius Network own token (CEL). Mashinsky don admit to the charges and him still free on $40 million bail since July 2023, with restrictions on travelling outside areas wey dem approve. The Department of Justice no get problem with him travel if he surrender afta. Prosecutors wan 20 years for prison, while the defense dey ask for less time. The outcome of Mashinsky sentencing expected to get big impact on crypto industry governance, regulatory risks, and especially the management and price stability of platform tokens like CEL. The case show say dem still dey monitor major crypto platforms and e fit be example for future crypto-related criminal cases.
Bearish
Di reason why dem sentence Celsius former Oga, Alex Mashinsky, for way he do commodities fraud and manipulate CEL token price bring bad eye enter for Celsius Network and dem original token, CEL. Wey regulator dem dey check am well well and di possibility say one big oga go stay for prison for long time fit spoil traders confidence and make di price of CEL waka anyhow (volatility). Na so e dey happen before, when dem take legal action against crypto leaders, e dey usually make pipo rush sell quick quick, market no dey sure again, and e fit even push di token value down, especially if traders dey fear say dem go do more enforcement or di platform go get problem. Even though for long term e fit make dem arrange tings better for di whole sector, di way market dey feel for CEL now now suppose remain bad until after dem sentence am and di regulator dem give clear clear update.