Celsius Network's Alex Mashinsky Pleads Guilty to Fraud, Faces 30-Year Sentence

Dec 3, 2024, 08:23 PM

Alex Mashinsky, the former CEO of Celsius Network, has agreed to plead guilty to two counts of fraud in a U.S. federal court in Manhattan. Mashinsky was accused of manipulating the price of Celsius's CEL token, leading to personal profits of $42 million. The charges stem from the collapse of Celsius Network in 2022, which resulted in significant financial losses for customers. Mashinsky's plea agreement includes a sentencing guideline of 360 months, or thirty years, although he is expected to receive a lesser sentence. His guilty plea marks one of the last cases from the widespread upheaval in the cryptocurrency sector two years ago.