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.