US DOJ has until October 3rd to make a discovery in the case against the former Celsius CEO.
Alex Mashinsky, the former CEO of Celsius, faces a legal ordeal, with the US Department of Justice getting an extended deadline for discovery.
US District Judge John Koeltl, in a July 25th order, decided to exempt the time between July 25th and October 3rd from the calculations for the Speedy Trial Act. This Act necessitates that a federal criminal trial commences within 70 days following the filing of an indictment.
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In the order, the judge pointed to the "complexity of the case" and "the volume of discovery" against Mashinsky as reasons for the decision.
With the extension, the prosecutors must disclose any evidence that could be beneficial to Mashinsky and is "material either to guilt or to punishment" to Mashinsky's legal counsel. Regarding the decision, the US District Judge noted:
The Court finds that the ends of justice served by granting the continuance outweigh the best interest of the defendant and the public in a speedy trial.
In over three months, Mashinksy will enter the New York courtroom and will attend the conference scheduled for October 3rd regarding all allegations.
Celsius filed for Chapter 11 bankruptcy a year ago, in July 2022. By September 2022, Mashinsky had resigned as CEO.
On July 13th, the former CEO was arrested following the charges of securities fraud, commodities fraud, and wire fraud. Authorities claimed that Mashinsky had misled customers and misrepresented facts about Celsius' business operations.
Despite the accusations, Mashinsky maintained his innocence, pleading not guilty to all charges. The man is currently out on a $40 million bond.
It is worth noting that similar allegations were lodged against Mashinsky by the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The case serves as a critical reminder of the intricate nature of legal procedures involved in cryptocurrency-related cases and the substantial implications for the parties involved.
