While the crypto-market cheered in delight with Ripple/XRP’s landmark victory over the SEC, for former Celsius crypto-lender’s CEO Alex Machinsky, luck had run out, leading to a tentative sentencing of maximum 115 years for the multibillion dollar misdeed. According to the US Department of Justice (DoJ) indictment that was unsealed on 13th July, Machinsky was accused of seven criminal charges, including securities fraud, commodity fraud, and wire fraud; and Nobel Innovation Inc Chief Revenue Officer Roni Cohen Pavon found himself opposing allegations of four criminal counts. The announcement further stated that Machinsky and Cohen Mishnky have both been found to have indulge in a lengthy deceitful activity that misled their customers of their internal asset info and Cel’s incoming interests. Finally, two pair face-to-face gracing the United States Federal court in Manhattan, where Mishinsky was granted freedom on a payable federal bond of $40 Million which is secured against his locale. Deaths of popular cryptocurrency faces like Binance Casper and Terra-Luna Caominer CEO Do Kwon, warrant this period as ‘ dark times’ for cryptocurrency industry; as all these prosecutions that are vastly coming to jump-start clean waves of virtual currencies,the months to come. Seizing operations such as NY State Attorney General’s case and SEC vs crypto-exchanges like Binance and Coinbase Global, trigger a more fragile situation for the market promotinglikey penalties of additional regulatory mechanism along the industry.
