Prosecutors at the U.S. Department of Justice (DOJ) asked a federal judge for six to eight weeks to present initial information and evidence on their charges against Alex Mashinky, the former CEO of bankrupt crypto lender Celsius.
In court documents filed on Tuesday, Judge John G. Koeltl granted the prosecutors time until 11 am on Oct. 3 to make discovery and have it reviewed by the defense.
“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,” stated Koeltl.
Although a date for the trial is still yet to be decided, a speedy trial should commence within 70 days from when the indictment was first filed. Mashinsky was arrested on July 13, along with Celsius’ former Chief Revenue Officer Roni Cohen-Pavon.
In an unsealed indictment, prosecutors claimed that Mashinsky orchestrated a years-long scheme to defraud investors, all while portraying Celsius as “the safest place” for users to store their crypto.
Attorneys at the DOJ now intend to process an abundance of documents, including Celsius’ corporate records and communications, which include more than 1,000 videos of Mashinsky’s hour-long “ask-me-anything” sessions.
Mashinsky has pleaded not guilty to all the charges against him and has been released on bail, secured by a $40 million bond. Under the terms of his bail agreement, Mashinsky will be restricted from traveling and will not be able to open any new bank or crypto accounts.