• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Celsius Fraud: Alex Mashinsky Admits Guilt

user avatar

by Giorgi Kostiuk

a year ago

Alex Mashinsky, founder and former CEO of Celsius Network, pleaded guilty to fraud charges tied to the company's collapse in 2022.

The Scheme Behind Celsius' Collapse

Celsius, founded in 2017, attracted many customers through high-interest crypto deposit programs. However, it has been uncovered that the company's rapid growth was built on price manipulation of the Celsius token (CEL) by Mashinsky.

Details of the Fraudulent Activities

Besides manipulating the CEL price, Mashinsky misled investors by making false statements about the company's financial health, falsely claiming regulatory approval.

Legal Aftermath for Mashinsky

Following his guilty plea, Mashinsky expressed regret and acknowledged responsibility. He faces up to 30 years in prison and civil lawsuits from the SEC and CFTC.

I accept full responsibility for my actions.Alex Mashinsky

Mashinsky's guilty plea marks a significant step in the legal proceedings related to his activities with Celsius. He is set to face further legal ramifications.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

US Coast Guard Allegedly Boards Venezuelan Oil Tanker in Caribbean

chest

Reports suggest that the US Coast Guard recently boarded a tanker carrying Venezuelan oil in the Caribbean, although no official governmental confirmations have surfaced yet.

user avatarFilippo Romano

Aster and Yooldo Games Shine in a Year of Token Underperformance

chest

Aster and Yooldo Games have emerged as standout performers in a year where most tokens have struggled, with Aster seeing a FDV increase of over 740% and Yooldo Games over 530%.

user avatarEmily Carter

November CPI Distorted by Government Shutdown, Says Fed President

chest

November CPI distorted due to government shutdown, says Fed President John Williams.

user avatarTomas Novak

Implied Volatility Declines Ahead of Year-End

chest

Implied volatility for Bitcoin has compressed to 44, indicating weaker demand for near-term hedges.

user avatarMaya Lundqvist

Brooklyn Man Indicted in Major Coinbase Phishing Scheme

chest

Ronald Spektor, a 23-year-old from Brooklyn, was indicted on 31 counts for running a phishing scheme targeting Coinbase users, stealing digital assets by impersonating a company representative.

user avatarKaterina Papadopoulou

Address Poisoning Scams Result in Over 100 Million in Losses

chest

Address poisoning scams have resulted in over 100 million in losses in 2024, highlighting the escalating concern regarding personal wallet security.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.