Ex-Celsius CEO Alex Mashinsky Pleads Guilty to Two Fraud Counts in Manhattan Court

Dec 3, 2024, 08:17 PM

Alex Mashinsky, the former CEO of Celsius Network, has agreed to plead guilty to two counts of fraud in a Manhattan federal court. This plea deal comes in the wake of widespread turmoil in the cryptocurrency sector two years ago. Mashinsky, who was arrested and charged with seven felony counts in July 2023, is accused of illicitly manipulating the price of Celsius's token to benefit himself to the tune of $42 million as the company went bankrupt, taking down customer deposits. The charges stem from his role in the now-defunct cryptocurrency lending platform, Celsius Network, which collapsed amid allegations of fraud.