Alex Mashinsky, the former CEO of Celsius Network, is facing criminal charges in the United States. As per reports, a judge has frozen his assets and set bond at $40 million. Prosecutors have reportedly sought 6-8 weeks to collect evidence against Mashinsky. Meanwhile, CEL token holders are voting on a proposal to sell the company’s assets to repay its debts. The developments have come as a major setback for the cryptocurrency industry, which has been battling several regulatory challenges of late. It remains to be seen how this case unfolds and what impact it would have on the broader crypto market.