Alex Mashinsky, the former CEO of Celsius, has expressed his desire to have the defense attorneys representing Sam Bankman-Fried (SBF), the ex-CEO of FTX, continue to represent him in his upcoming trial. 

This decision comes despite potential conflicts of interest due to the lawyers' involvement with both cases. Bloomberg News reported on February 20 that Mashinsky has waived any potential conflicts and is prepared to proceed with the same legal team in the Department of Justice’s Southern District of New York (SDNY) criminal charges filed against him in July 2023.

Prosecutors have urged Judge John Koeltl to ensure Mashinsky is fully aware of his rights to independent counsel. Mashinsky has acknowledged the potential for conflicts but believes they will not affect his case. He has even stated his readiness to waive these conflicts.

A potential scheduling conflict could arise if Mashinsky's trial dates overlap with Bankman-Fried's sentencing, although Mashinsky anticipates Bankman-Fried's sentencing will conclude before his trial begins. Mashinsky's trial is set for January 28, while Bankman-Fried is due for sentencing on March 28, with a conflict of interest hearing scheduled for February 21.

Should Mashinsky secure his preferred legal representation, he will be defended by Marc Mukasey and Torrey Young of Mukasey and Young LLP. While Mashinsky has not disclosed his reasons for choosing this legal team, he acknowledges their representation as a significant investment.

The relationship between Mashinsky’s Celsius and Bankman-Fried’s FTX prior to their respective collapses raises additional conflict of interest concerns. Notably, Celsius's financial dealings with FTX’s affiliate, Alameda Research, and the potential acquisition of Celsius by FTX are points of interest. Mashinsky has implicated Alameda’s actions in the downfall of Celsius, suggesting a complex web of interactions that could influence the proceedings in both cases.