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Primary blame by Mashinsky's defense for Celsius collapse by April 8, 2025
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Story
Ex-Celsius CEO Alex Mashinsky Pleads Guilty to Fraud, Faces Up to 30 Years in Prison
Dec 3, 2024, 09:15 PM
Alex Mashinsky, the founder and former CEO of cryptocurrency lending platform Celsius Network, has pleaded guilty to two counts of fraud in a Manhattan federal court. On Tuesday, Mashinsky admitted to counts 2 and 5, including commodities fraud and a scheme to manipulate the price of the Celsius (CEL) token to attract customers, leading to personal profits of $42 million. The plea agreement, dated December 2, indicates that Mashinsky has waived his right to appeal any sentence below the 30-year guideline. Sentencing is scheduled for April 8, 2025, at 11:30 AM. Celsius Network collapsed in July 2022 after it was unable to meet customer withdrawal demands.
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