US court sets bail for arrested Celsius CEO

Following Alex Mashinsky's arrest, the former CEO of Celsius must be remanded in custody unless he can raise US$40 million. Yesterday Alex Mashinsky, the former CEO of insolvent crypto lending service Celsius, was arrested.

A judge has now set bail at US$40 million. This is according to court documents. Until payment is made, the Ukrainian-born lawyer will remain in pretrial detention. Under the agreement, Mashinsky is not allowed to travel or open any new bank or crypto accounts. His wife is to sign the bail agreement today. Another co-signer is due to sign next Friday.

Prosecutors place the main blame for Celsius' downfall on Mashinsky, accusing him of fraud and market manipulation. The ex-CEO has pleaded not guilty. A hearing is scheduled for July 25. Celsius was one of the largest crypto lending services in the industry. After the collapse of the Terra ecosystem, the company also ran into trouble and eventually had to file for bankruptcy.