• 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

2 years 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

Kraken Enhances Crypto Trading with Tether Gold Listing

chest

Kraken has recently added Tether Gold to its trading menu, providing traders with enhanced options for commodity-backed assets within the crypto market.

user avatarMiguel Rodriguez

Chainlink Integrates Arbitrum Orbit to Enhance Layer 3 Messaging Security

chest

Chainlink has announced its integration with Arbitrum Orbit to enhance security in Layer 3 messaging using its Cross-Chain Interoperability Protocol.

user avatarArif Mukhtar

Aave V3 Launches on zkSync Era, Enhancing DeFi Lending

chest

Aave V3 has been launched on the zkSync Era, expanding DeFi lending capabilities within the ZK rollup environment.

user avatarLuis Flores

BNB Chain's Haber Upgrade Enhances Developer Experience

chest

The Haber upgrade on BNB Chain introduces technical improvements aimed at enhancing the developer and validator experience.

user avatarMaria Gutierrez

Coinbase Supports Render, Enhancing AI Compute Trading

chest

Coinbase's recent support for Render enhances liquidity and access for AI compute traders, increasing trading volume and market participation.

user avatarDavid Robinson

Fidelity Bitcoin ETF Sees Institutional Inflows Amid Market Volatility

chest

Fidelity's latest Bitcoin ETF inflow indicates continued institutional interest despite market fluctuations.

user avatarAndrew Smith

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.