The New York Attorney General, Letitia James, has filed a lawsuit against the former CEO of crypto lender Celsius Network, Alex Mashinsky, accusing him of defrauding investors out of billions in cryptocurrency.

James claims that Mashinsky made false and misleading statements to investors, such as lying about the platform’s user numbers and claiming that it made only safe, low-risk investments, while actually exposing investors’ assets to high-risk counterparties and strategies.

The lawsuit also alleges that Mashinsky made false and unsubstantiated promises to investors, leading to financial ruin for 26,000 New Yorkers among the hundreds of thousands of victims.

Mashinsky, who served as the public face of the company, had encouraged investors to deposit with Celsius in exchange for high returns in cryptocurrency.