• 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

Anchorage Introduces Native TRX Staking for Institutions

chest

Anchorage Digital has launched a new service for institutional clients to stake TRX directly from their custody accounts, allowing them to earn rewards from the TRON network without transferring assets out of a regulated environment.

user avatarElias Mukuru

Solana's Alternative Stablecoin Supply Hits 481 Billion

chest

Solana's alternative stablecoin supply has reached 481 billion, indicating a diversification of liquidity on the network.

user avatarDiego Alvarez

XRP Futures Open Interest Hits $26 Billion Amid Rising Demand

chest

XRP futures open interest has surged to $26 billion, indicating a significant rise in derivatives demand for the token.

user avatarKenji Takahashi

PancakeSwap Unveils ERC8183 AI Settlement Agent to Boost DeFi Automation

chest

PancakeSwap has launched an open-source ERC8183 AI settlement agent to enhance DeFi automation.

user avatarMaria Fernandez

Cardano Successfully Implements Van Rossem Hard Fork on Mainnet

chest

Cardano has successfully implemented the Van Rossem hard fork, upgrading the network to Protocol Version 11 and advancing its onchain governance efforts.

user avatarGustavo Mendoza

Alphabet's Stock Rises After AI Chip Announcement

chest

Alphabet's shares rose 1.6% after announcing a new AI chip, Frozen v2, aimed at optimizing its Gemini model, expected to launch by 2028.

user avatarRajesh Kumar

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.