Former Celsius CEO Alex Mashinsky Pleads Guilty to Fraud in Manipulating CEL Token

Dec 3, 2024, 08:42 PM

Alex Mashinsky, the founder and former CEO of Celsius Network, has pleaded guilty to counts 2 and 5 of his indictment—commodities fraud and a fraudulent scheme to manipulate the price of Celsius's CEL token—in a Manhattan federal court. As part of a plea agreement dated December 2, Mashinsky admitted to lying to the public about the safety of the tokens and manipulating their price to attract customers, resulting in $42 million in personal profits. He was arrested in July 2023 alongside former chief revenue officer Roni Cohen-Pavon. Mashinsky faces a maximum sentence of 30 years in prison, with sentencing scheduled for April 8, 2025, at 11:30 AM.