Alex Mashinsky, the founder and former chief of the now-bankrupt cryptocurrency lender Celsius Network, must face a lawsuit by New York Attorney General Letitia James accusing him of civil fraud, a Manhattan state court judge ruled on Friday. Justice Margaret Chan said the attorney general sufficiently alleged that Mashinsky defrauded investors by touting Celsius as a safe alternative to banks and concealing its risks, including hundreds of millions of dollars of investment losses. Chan also said James could pursue some claims under the Martin Act, a powerful state securities law. Mashinsky has separately pleaded not guilty to criminal fraud charges brought by the U.S. Department of Justice tied to Celsius' demise.
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