Alex Mashinsky's defense asks the court to drop two of seven criminal charges

Lawyers for the former CEO of Celsius have filed a motion in the Southern District of New York to dismiss charges of commodity fraud and market manipulation..

Alex Mashinsky's defense assures that the prosecutor's office incorrectly interpreted the contents of the Celsius Earn program to the court.

“It is inconsistent and illogical to view the Celsius Earn Program as offering the simultaneous purchase of a security and the sale of a commodity. The authorities cannot charge a defendant with both options at once.. We believe that an appropriate remedy would be to dismiss one of the counts,” the motion states..

In addition, Mashinsky’s team intends to protest charges of market manipulation in court. Lawyers are convinced that this is not a criminal offense, but a civil offense. Also, Alex Mashinsky’s lawyers are asking the court to remove from the case references to the bankruptcy of Celsius that are not related to the accusation..

“References to the bankruptcy of Celsius should be excluded from the indictment. For the same reasons, the authorities should be prohibited from presenting evidence of Celsius’ bankruptcy during the trial,” the lawyers said.

Earlier, the defense team of bankrupt crypto lender Celsius asked the court to dismiss the lawsuit filed against Alex Mashinsky by the US Federal Trade Commission (FTC) on charges of defrauding investors.