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

Mashinsky Admits to Fraud in Celsius Network Case

user avatar

by Giorgi Kostiuk

7 months ago


Alex Mashinsky, founder of Celsius Network, has pled guilty to two counts of fraud. The admission follows charges related to token price manipulation.

Charges Against Mashinsky

Initially indicted on July 13, 2023, on seven counts of fraud, conspiracy, and market manipulation, Mashinsky admitted to commodities fraud and manipulating Celsius’ proprietary token, CEL.

Court Testimony

In court, Mashinsky confessed to misleading Celsius customers in a 2021 interview, falsely claiming regulatory approval for their "Earn" program, which offered investment returns by deploying customers’ cryptocurrency assets. He also admitted to selling his CEL holdings without informing customers.

I know what I did was wrong, and I want to try to do whatever I can to make it right.

Implications for Celsius and the Crypto Market

Mashinsky faces a maximum sentence of 30 years. He agreed not to appeal any sentence within this range. Sentencing is scheduled for April 8, 2025. Prosecutors revealed that Mashinsky sold CEL at inflated prices, personally gaining $42 million while leaving customers at a loss when Celsius went bankrupt.

Mashinsky made tens of millions of dollars selling his own CEL at artificially high prices, while his customers were left holding the bag when the company went bankrupt.Damian Williams, the U.S. Attorney for Manhattan

Alex Mashinsky's guilty plea in fraud charges has had serious repercussions for Celsius and its customers amidst the prolonged fallout of the 2022 crypto market downturn.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

India Probes Binance, WazirX Over Crypto Transfers Linked to Pakistan

chest

India's FIU is investigating WazirX and Binance over cryptocurrency transfers from Pakistan, possibly linked to terrorist activities.

user avatarGiorgi Kostiuk

CrediBULL Crypto's Detailed Vision for Future Crypto Market Developments

chest

Analyst CrediBULL Crypto shares insights on how the crypto bull market may evolve based on long-term projections.

user avatarGiorgi Kostiuk

Analysis of Bitcoin Dominance and Its Impact on Altcoins

chest

Bitcoin's dominance in the cryptocurrency market reached 63.8%. Altcoins are on standby, observing the market dynamics.

user avatarGiorgi Kostiuk

GMX Exchange Returns Stolen Funds After Hacker Incident

chest

GMX Exchange is regaining user activity following a hacker attack, recovering $40 million.

user avatarGiorgi Kostiuk

Arthur Hayes Forecasts a Major Altseason and Ethereum Surge in 2025

chest

Arthur Hayes predicts a short-term altcoin rise, especially Ethereum, potentially reaching $4,000 to $5,000.

user avatarGiorgi Kostiuk

Bitcoin Sets New Record at $118,404 Driven by Institutional Demand

chest

Bitcoin has shattered its all-time high, hitting $118,404 amid a surge in institutional interest and favorable macroeconomic conditions.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.