The U.S. Attorney’s Office for the Southern District of New York Thursday announced the arrest of Alexander Mashinsky, the founder and former CEO of bankrupt cryptocurrency lending platform Celsius Network, on fraud charges for a scheme that allegedly earned him over $40 million.

Mashinsky pleaded not guilty to securities, commodities and wire fraud and offenses related to market manipulation Thursday afternoon. He was released on a $40 million bond after surrendering his passports and agreeing to avoid travel outside the Southern and Eastern Districts of New York.

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