Prosecutors in the Southern District of New York (SDNY) are urging a federal judge to reject Alex Mashinsky’s bid to overturn his 12-year prison sentence tied to Celsius’s collapse. In a Friday filing, SDNY attorneys James McDonald and Allison Nichols argued that Mashinsky’s petition lacks legal substance and should be denied without additional proceedings.

The dispute centers on a motion Mashinsky filed after telling the court in May that he would proceed pro se—representing himself. His petition to vacate the conviction and sentence includes claims that point to matters involving cryptocurrency exchange FTX and his former colleague, Celsius chief revenue officer Roni Cohen-Pavon.

Key takeaways

• SDNY prosecutors asked the court to deny Mashinsky’s motion to vacate, calling multiple arguments “without merit.”
• The government criticized the petition for relying on allegations that were not supported by a sworn declaration.
• Prosecutors disputed claims that Mashinsky received ineffective assistance of counsel.
• Mashinsky is serving a May 2025 sentence of 144 months after pleading guilty to commodities and securities fraud.
• Cohen-Pavon, who prosecutors described as providing “substantial assistance,” was sentenced to time served in May.

Prosecutors reject claims in Mashinsky’s petition

In their filing, prosecutors said Mashinsky failed to meet the threshold for relief. They argued that his motion is essentially a reprise of issues raised during sentencing, rather than a valid basis to undo the conviction or the punishment.

Prosecutors also pushed back on Mashinsky’s complaints about the performance of his legal team. While the filing indicates Mashinsky stops short of asserting factual innocence, it characterizes his approach as shifting blame to counsel for not pursuing certain arguments.

“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,” prosecutors wrote, adding that the court should not revisit settled points based on unsworn claims.

What the court filing says about evidence and procedure

Mashinsky’s motion was filed after he announced he would take over his own representation. The government’s response suggests the petition’s evidentiary posture is a key weakness: prosecutors singled out the absence of a sworn declaration supporting the allegations.

That procedural detail matters because motions to vacate typically require more than generalized accusations; courts generally look for specific, substantiated grounds for relief. In the government’s view, Mashinsky’s filing did not meet that standard.

As of Tuesday, the judge overseeing the case had not issued a response to the government’s submission.

Background: Celsius collapse, guilty pleas, and sentencing

Mashinsky was sentenced in May 2025 to 144 months in prison after pleading guilty to commodities fraud and securities fraud connected to “manipulative and deceptive devices” at Celsius. The guilty plea followed a broader legal crackdown on Celsius after the platform filed for bankruptcy in 2022 amid a wider market downturn that began with the collapse of Terraform Labs.

Roni Cohen-Pavon—Celsius’s chief revenue officer—was also indicted in 2023 alongside Mashinsky and later pleaded guilty. According to prosecutors, Cohen-Pavon provided “substantial assistance” to the government’s case. In May, she was sentenced to time served.

At sentencing, Mashinsky was ordered to pay $48 million in forfeiture. He also agreed to pay $10 million as part of a separate settlement with the US Federal Trade Commission, alongside arrangements described as including a $47 billion judgment that was suspended.

Earlier coverage also noted related enforcement actions against Celsius leadership, including a separate FTC matter involving Celsius co-founders Leon Goldstein and another defendant, referenced in connection with the broader Celsius fallout.

Regulators still pursuing parallel cases

While the criminal case reached sentencing for Mashinsky and Cohen-Pavon, regulators continued to work through other legal tracks tied to Celsius leadership.

In June, the US Commodity Futures Trading Commission (CFTC) announced that Mashinsky was permanently banned from trading in markets under the CFTC’s authority. That action was described as among the last major resolutions tied to Mashinsky and Celsius following the 2022 collapse.

At the same time, a civil action by the US Securities and Exchange Commission (SEC) involving a co-founder was reported as ongoing even after the criminal case moved forward and the court issued judgment against the platform. As of July 30, the SEC said its attorneys and Mashinsky were “engaged in settlement discussions.” The SEC requested 60 days to file a status report, effectively pushing the next checkpoint toward the end of September.

For investors and market participants, these parallel processes underline a recurring reality in crypto enforcement: criminal cases can conclude on a timetable that differs from regulatory litigation. Even when one front reaches a sentencing milestone, other matters—whether commodities, securities, or consumer-protection—can continue to shape compliance expectations and potential liability.

Readers should watch whether the SDNY judge grants or denies Mashinsky’s request to vacate, and whether the court allows any additional fact-finding or hearings. At the same time, settlement dynamics in the SEC civil matter—and any further regulatory steps following the CFTC’s permanent trading ban—remain key to understanding what outcomes could still materially affect Celsius-related defendants and those watching closely for precedent in crypto enforcement.

Asset manager Neuberger has launched its first tokenized fixed-income fund through Securitize, offering an actively managed high-yield strategy across four blockchains, Ethereum (ETH), Solana (SOL), Avalanche (AVAX) and Sui (SUI).

The Neuberger Securitize High Income Tokenized Fund (HINC) will invest primarily in high-yield bonds, with additional exposure to collateralized loan obligations and leveraged loans, according to an announcement Tuesday.

The launch comes as investors are demanding higher yields amid heated competition for corporate and government funding.

“The previous market regime rewarded investors for assuming that capital would remain cheap and plentiful,” Saxo chief investment strategist Charu Chanana said in a Tuesday client note. “The emerging regime may reward investors for recognising that capital has a price again.”

The new fund is available to qualified investors, with Securitize providing the infrastructure to issue and manage tokenized shares across the four blockchain networks.

Neuberger will serve as subadvisor to a tokenized fund for the first time. Its fixed-income platform manages more than $230 billion in assets, while the firm manages about $613 billion overall.

Securitize has about $4.96 billion in distributed asset value across 26 tokenized real-world assets, according to RWA.xyz data. Its products include BlackRock’s $2.7 billion BUIDL fund, a $355 million tokenized AAA CLO fund and a $95 million Apollo diversified credit fund.

The company’s shares rose around 5% in Tuesday morning trading, giving the company a market capitalization of about $838 million. Despite the gain, the stock remains down more than 50% from levels reached shortly after its public debut in July.

Securitize’s distributed asset value. Source: RWA.xyz

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

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

An address associated with Justin Sun-owned exchange HTX is causing controversy on X after it sent out a variety of so-called “dust” transactions.

Purported users are claiming that transactions sent from 0xa03400E098F4421b34a3a44A1B4e571419517687 were sent to their deposit addresses on other exchanges, provoking review of their accounts.

These other exchanges are apparently reviewing these accounts because these transactions suggest links to the sanctioned HTX.

Read more: European Union sanctions Justin Sun’s HTX

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The sanctions on HTX from both the United Kingdom Foreign, Commonwealth & Development Office and the European Union have led exchanges including Bybit, OKX, and Binance to announce that they will either no longer process transactions with HTX or will review accounts that do transact with HTX.

More recently, 0xa03400E098F4421b34a3a44A1B4e571419517687, which is labeled as “HTX 48” on Etherscan and is also included in the HTX proof of reserves, has been “dusting” various addresses.

The fact that it is included in HTX’s own proof of reserves means we can be absolutely confident that this is an HTX address.

Many of these small transactions are using USDT.

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孙哥是不是在报复社会。。

htx疯狂的往外转小额，污染其他地址。。

我的coinbase收到孙哥的7.5u投毒。。

目前coinbase说不解释清楚，就关户。。。 pic.twitter.com/Qz49RxTGOL

— 紫夜 (@0xZiye) August 18, 2026

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This has led users to claim that they’ve received additional scrutiny because of these transactions, something Sun denies.

Despite the fact that this address is included in HTX’s own proof of reserves according to a machine translation, X user “HTX_Molly,” who is verified as part of the HTX organization, has claimed:

“HTX’s official channels have not initiated any related transfers or testing activities. As for the specific sources and reasons behind these transfers, we’re conducting further verification and don’t rule out various possibilities such as address tagging, on-chain transfer source identification, and more. We will refrain from speculation until the facts are confirmed.”

It’s not clear what this explanation could possibly mean when HTX includes this address in its own disclosures.

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Protos reached out to HTX for clarification, but it didn’t immediately respond.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

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.

Metaplanet, the Tokyo-listed company that has adopted Bitcoin as its primary treasury reserve asset, plans to take a controlling stake in Nasdaq-listed Super League Enterprise, expanding its Bitcoin treasury strategy into the United States and potentially opening up new sources of capital.

On Tuesday, Metaplanet CEO Simon Gerovich said the company plans to contribute 2,100 Bitcoin (BTC) and $2.5 million in cash to Super League, which will be renamed Superplanet and become the company’s US Bitcoin treasury platform. 

The 2,100 BTC contribution represents just under 5% of Metaplanet’s 43,000 BTC holdings and is worth roughly $135 million at current Bitcoin prices. Because the Bitcoin will come from Metaplanet’s existing treasury, the transaction does not represent a new BTC purchase.

Gerovich said the structure would give the company two avenues for raising capital, with Superplanet tapping US markets while Metaplanet continues to raise funds in Japan. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including approval from Super League shareholders.

Under the proposed structure, capital raised by either company could support the group’s broader Bitcoin treasury strategy. Metaplanet said Superplanet could also pursue acquisitions in the US Bitcoin treasury sector that may not be available to the Japanese parent company.

Super League Enterprise currently operates an immersive gaming, content and advertising business. Its shares surged more than 50% following the announcement, accompanied by a sharp increase in trading activity.

Trading volume reached roughly 37.3 million shares, compared with about 393,000 shares previously, an increase of nearly 95-fold, according to Yahoo Finance data. 

Super League Enterprise (SLE) stock. Source: Yahoo Finance

Related: Strategy CEO says company will resume Bitcoin accumulation this year

Bitcoin treasuries face new capital pressures

Metaplanet has emerged as the third-largest corporate Bitcoin holder, trailing Twenty One Capital by roughly 500 BTC. Twenty One Capital is a publicly traded Bitcoin treasury company backed by Tether, Bitfinex and SoftBank that was formed to accumulate Bitcoin and increase holdings on a per-share basis. Metaplanet last added to its Bitcoin holdings in early July, according to BitcoinTreasuries.NET.

Michael Saylor’s Strategy remains the largest corporate Bitcoin holder, with more than 840,000 BTC. However, the company has also sold Bitcoin in recent months to fund dividends, share repurchases and its US dollar reserve, highlighting some of the capital-management challenges facing publicly traded Bitcoin treasury companies.

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