An effort by Alex Mashinsky, the former CEO of now-defunct cryptocurrency lending platform Celsius, to convince a federal court to vacate his 12-year sentence for fraud and market manipulation faces pushback from US prosecutors in the Southern District of New York (SDNY).

In a Friday filing, SDNY Attorney James McDonald and Assistant US Attorney Allison Nichols said that the court should deny Mashinsky’s petition to vacate his conviction and sentence, saying that many of his legal arguments were “without merit” and pushing back against claims of ineffective assistance of counsel. 

The former Celsius CEO informed the court in May that he would be proceeding pro se — that is, representing himself in the case — and filed a motion to vacate, including claims about cryptocurrency exchange FTX and his former colleague, the company’s chief revenue officer Roni Cohen-Pavon.

“Mashinsky has not even submitted a sworn declaration in support of these baseless allegations, and his petition should be denied without a hearing or further fact-finding,” said prosecutors, adding:

“[…] He presents a litany of complaints, blaming others for problems at Celsius and rehashing the evidence presented at his sentencing hearing. Though Mashinsky stops short of claiming that he is factually innocent, he blames his lawyers for failing to press certain arguments on his behalf.”

As of Tuesday, the judge overseeing the case had not responded to the federal prosecutors’ filing. Mashinsky was sentenced in May 2025 to 144 months in prison, having pleaded guilty to commodities fraud and securities fraud related to “manipulative and deceptive devices” at Celsius. Cohen-Pavon, who according to the government provided “substantial assistance” to the prosecutors case again Mashinsky, was sentenced to time served in May.

Related: Celsius co-founders Leon, Goldstein to pay FTC over $6M

Celsius was one of a slew of crypto companies to file for bankruptcy in 2022 amid a market downturn starting with the collapse of Terraform Labs. Authorities indicted Mashinsky and Cohen-Pavon in 2023 and both subsequently pleaded guilty. The former CEO was ordered to pay $48 million in forfeiture at sentencing and agreed to pay $10 million as part of a separate settlement with the US Federal Trade Commission.

Mashinsky banned from commodities markets trading

The US Commodity Futures Trading Commission (CFTC) announced in June that the former Celsius CEO was permanently banned from trading in markets within the commodities regulator’s purview.

The CFTC case was one of the last against Mashinsky and Celsius to be resolved following the company’s collapse in 2022. However, the US Securities and Exchange Commission (SEC) civil action against the co-founder, first filed in 2023, was still ongoing despite the court reaching a judgment against the platform months after the initial complaint.

As of July 30, the SEC reported that its attorneys and Mashinsky were “engaged in settlement discussions.“ The regulator asked the court for 60 days to file a status report on the matter, pushing any potential resolution to the end of September.

Magazine: ‘Fabricated rumors’ about BitMart founder, Binance bStocks dominate: Asia Express

Bitcoin climbed to around $65,000 after the Wall Street open, extending gains as broader risk sentiment stabilized despite renewed geopolitical concerns tied to the US and Iran. The move came alongside a rebound in US equities, where the S&P 500 bounced from its lowest level since early August.

While stocks were finding support, the bond market and oil developments signaled a more complicated macro backdrop. BTC’s latest push also revived chart-based debate over whether the market is genuinely transitioning from consolidation into a sustainable breakout.

Key takeaways

• Bitcoin reached $65,000 for the first time since Aug. 10, following a rebound in the S&P 500.
• US 30-year yields jumped to 5.34%, the highest since January 2007, highlighting inflation and borrowing concerns.
• Trump’s Strait of Hormuz comments pushed geopolitical headlines back into focus, even as oil showed limited immediate volatility.
• Technical traders are watching key levels tied to a head-and-shoulders “bottoming” argument around $62,300.

US equities bounce while Bitcoin tests new highs

According to TradingView data referenced in the report, BTC/USD continued building on the week’s gains as the S&P 500 recovered from a session low of 7,696, its lowest since Aug. 4. The divergence matters because it suggests Bitcoin’s momentum is not merely mirroring equity direction—at least in the near term.

The geopolitical narrative returned to the forefront after US President Donald Trump posted on Truth Social that the Strait of Hormuz oil route would be treated as “new US territory,” framing the area as “open.” His later message emphasized that there were “no talks or conversations” with Iran, while asserting that naval conditions remained active and that the strait was operating.

Both the US and Iran have long-standing claims connected to control and security in the Hormuz region. In earlier commentary carried in the coverage, Trump also referenced threats against US ally Oman related to Oman’s plans to work with Iran on charging shipping tolls. Despite these headlines, oil’s immediate reaction appeared muted in the same timeframe, with WTI crude reported down about 1% to roughly $84 per barrel as of the time of writing.

Bond yields send a warning signal for risk assets

Even with stocks rebounding, government bond pricing suggested investors were still demanding more compensation for macro uncertainty. The US 30-year yield reached 5.34%, the highest level since January 2007, according to the cited market updates.

BNY Mellon analyst Geoff Yu warned in a research note quoted by the New York Times that the rise reflected investors seeking higher yields to cover inflation risk, while also pointing to the impact of government borrowing. The practical takeaway for crypto traders is that steep yield moves can raise the discount rate for risk assets, sometimes tightening financial conditions just as equities attempt to stabilize.

For Bitcoin specifically, this backdrop can create a tug-of-war: crypto may benefit from renewed interest when risk appetite returns, yet it can struggle if rates continue to rise sharply or if liquidity conditions tighten.

Chart watch: head-and-shoulders “bottoming” debate

Beyond macro headlines, the latest price action has turned attention back to technical structure. Trader and analyst Aksel Kibar, writing to X followers and cited in the report, focused on a potential reverse head-and-shoulders formation and pointed to $62,300 as the culmination point where a rebound would need to originate to validate the pattern.

Kibar argued that if Bitcoin is going to reverse higher, the move needs to develop from that area. He also discussed downside and upside scenarios if the structure fails or if the rebound sustains, including a potential target of $53,000 in the event of breakdown, and an upside target around $76,000 if the recovery extends.

That structure-focused framing is important because $65,000 is not simply a “new high” in isolation—it’s part of a decision zone where market participants determine whether the breakout is real or whether price returns to the prior range.

Why $65,000 may not be the finish line

The coverage also highlighted that earlier resistance levels have been a recurring barrier. Cointelegraph previously reported that underwater investors were contributing to Bitcoin’s inability to push higher. In the current update, Bitcoin’s rebound to $64,500 was described as stopping short of an overhead trend line: the 50-month exponential moving average (EMA), now referenced as $65,827.

That level is likely to draw attention from traders because moving averages often act as a proxy for longer-term trend health. A failure to reclaim and hold above the 50-month EMA could signal that the market is still negotiating the same distribution between sellers and buyers—especially if bond yields remain elevated.

At the same time, the fact that Bitcoin pressed toward $65,000 as US stocks bounced suggests demand is present. The immediate question is whether buyers can convert that momentum into follow-through without a renewed risk-off shock from rates or geopolitics.

Going forward, readers should watch whether BTC can hold above the reclaimed zone around the recent breakout levels and whether the market’s behavior around the $65,827 50-month EMA becomes more decisive—particularly as long-end Treasury yields and Hormuz-related headlines continue to influence broader risk sentiment.

Goldman Sachs has agreed to buy LCN Capital Partners for up to $410 million, adding about $3 billion in commercial real estate assets to its investment management business.

Goldman Sachs said in an Aug. 18 announcement that the transaction will bring LCN’s investment funds, corporate relationships, and real estate team into Goldman Sachs Asset Management.

Goldman Sachs will pay most of the LCN price in stock

Under the agreement, Goldman will provide about $260 million when the acquisition closes. LCN’s owners could receive another $150 million through deferred and conditional payments if the business meets long-dated performance targets and service commitments.

Approximately 80% of the full consideration will consist of Goldman stock, according to the bank. The final amount could therefore remain below $410 million if the conditions governing the additional payment are not met.

Expected to close by the end of 2026, the acquisition still requires regulatory clearance and must meet customary closing conditions. Goldman’s Global Banking and Markets division acted as the bank’s financial adviser, while Wachtell, Lipton, Rosen & Katz and DLA Piper provided legal advice.

RBC Capital Markets advised LCN on the sale. McDermott Will & Schulte served as the real estate manager’s legal counsel.

Based in New York, LCN was founded in 2011 by Edward V. LaPuma and Bryan York Colwell. Its investment team has more than 30 years of experience in triple-net lease transactions, according to Goldman.

LaPuma, Colwell, and other LCN employees will join the real estate division within Goldman Sachs Asset Management after the purchase closes. The bank did not disclose whether LCN’s brand will remain in use or provide details about possible changes to its investment funds.

“Our team, our strategy, and our commitment to our partners, both capital and corporate, remain unchanged — what changes is the scale of our ambition,” LaPuma said.

LCN adds $3 billion in commercial property assets

LCN had approximately $3 billion in assets under supervision as of June 30, with much of its capital supplied by institutions, insurance companies, and wealthy individuals. The firm operates in North America and Europe and has raised 10 investment funds since its creation.

Its portfolio covers industrial sites, offices, retail properties, and buildings created for specific corporate uses. LCN originates, negotiates, and manages sale-leaseback, build-to-suit, and net lease transactions, combining property ownership with an assessment of each tenant’s credit.

In a sale-leaseback, a company sells a building to an investor and immediately rents it under a long-term agreement. The company continues operating from the property while gaining access to cash that was previously tied up in the building.

Triple-net leases place several property expenses on the tenant. Along with rent, the tenant generally pays real estate taxes, insurance, and maintenance costs, reducing some operating expenses for the property owner.

Build-to-suit agreements involve constructing or adapting a building for a particular tenant, usually under a lease negotiated before the work is completed. Such contracts can give investors a known occupant and rental arrangement, although returns still depend on the tenant’s ability to meet its obligations.

Goldman said LCN’s strategy has produced an average annual net cash-on-cash return of 10.8% since inception across fully invested flagship funds. LCN calculated the figure as of March 31, using dollar-denominated returns for its North American funds and euro-denominated returns for its European products.

According to the bank, LCN’s funds have also ranked in the first or second quartile among closed-end real estate funds when measured by net multiple on invested capital and distributions to paid-in capital. Past fund performance does not guarantee comparable returns after the business joins Goldman.

The deal expands Goldman’s private real estate operation

Goldman oversees more than $4 trillion in assets across its investment businesses, based on figures reported as of June 30. Its alternatives division accounts for over $706 billion, covering private equity, credit, infrastructure, venture capital, real estate, and hedge fund strategies.

Within real estate, the bank said it has invested more than $65 billion since 2012. Its existing operation covers property equity, senior mortgages, mezzanine debt, and investments ranging from individual buildings to large portfolios.

LCN gives the division a dedicated sale-leaseback and triple-net lease platform. Goldman estimates that companies hold approximately $14 trillion of property on their balance sheets across North America and Europe, while only a small portion changes hands through net lease transactions each year.

American companies can use sale-leasebacks to obtain capital without leaving facilities needed for daily operations. For U.S. institutional investors, LCN’s funds offer exposure to rental income and corporate credit through private products rather than publicly traded real estate investment trusts.

David Solomon, Goldman’s chairman and chief executive, said LCN would offer asset and wealth management clients “diversified sources of returns” while providing corporate clients with additional financing choices.

“Their focus complements our private real estate team’s broad 30-year track record and will expand our ability to serve our insurance, institutional, and wealth client segments,” Solomon said.

Goldman expects its corporate relationships and Global Banking and Markets network to support LCN’s work with companies and developers. Its asset management distribution channels will also place the funds before pension plans, insurers, family offices, and wealthy clients.

In June, Goldman also entered blockchain-based real estate products through a tokenized property fund developed with Apex Group, Archax, Ownera, and LRC Group. Crypto.news reported that the fund represents real estate interests through Goldman’s GS DAP platform while retaining conventional administration, custody, and regulatory controls.

LCN follows Goldman’s $2.25 billion NEOS purchase

Six days before announcing the LCN agreement, Goldman disclosed a deal to acquire NEOS Investments for as much as $2.25 billion. NEOS managed about $30 billion across 19 options-based income ETFs as of June 30.

As previously covered in August, the NEOS purchase is expected to increase Goldman’s ETF assets beyond $130 billion, including about $80 billion held in actively managed products. NEOS co-founders Troy Cates and Garrett Paolella will become Goldman partners after that transaction closes.

NEOS also manages three U.S.-listed income ETFs connected to Bitcoin and Ethereum, giving the bank exposure to another area of investment management. The NEOS Bitcoin High Income ETF, Boosted Bitcoin High Income ETF, and Ethereum High Income ETF collectively held more than $1.1 billion when the acquisition was announced.

Unlike the LCN purchase, the NEOS transaction is scheduled to close during the first quarter of 2027. Its completion also depends on regulatory approval and customary closing requirements.

Goldman shares traded at approximately $1,029.55 on Tuesday, down about 2.1% from the previous close of $1,051.31. The stock moved between an intraday high of $1,052.98 and a low of $1,029.46.