• 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

9 months 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.

Other news

Over $1 Billion in Inflows to BlackRock's iShares Bitcoin Trust

chest

BlackRock has announced significant inflows into its iShares Bitcoin Trust, highlighting growing institutional interest in Bitcoin.

user avatarGiorgi Kostiuk

Ethereum's 'Privacy Stewards' Initiative: The Future of Privacy

chest

Ethereum announces a roadmap to enhance privacy across its ecosystem with the new initiative.

user avatarGiorgi Kostiuk

New All-Time High for Altcoin Market Cap Amid Bitcoin Dominance Stability

chest

Altcoin market cap reaches a new all-time high, while Bitcoin dominance remains steady at 57%-58%.

user avatarGiorgi Kostiuk

Overview of Promising Cryptocurrencies for 2025: Tapzi, Chainlink, and Others

chest

This article explores projects that may significantly grow in 2025, including Tapzi, Chainlink, and Avalanche.

user avatarGiorgi Kostiuk

How Bitcoin Investment Strategy Drives MicroStrategy's Performance

chest

MicroStrategy's venture into Bitcoin leads to successful outcomes, surpassing major tech stocks in returns.

user avatarGiorgi Kostiuk

Growing Optimism in the XRP Community: October Predictions and Possible ETFs

chest

The XRP community is anticipating significant changes in October due to potential ETF approvals by the SEC.

user avatarGiorgi Kostiuk

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.