Tuesday, February 11, 2025
spot_imgspot_img

Top 5 This Week

spot_imgspot_img

Related Posts

Celsius CEO Alex Mashinsky admits to committing two counts of fraud | Business and Economic News


Alex Mashinsky, the former CEO of Celsius Network, has pleaded guilty to two counts of fraud in the United States. Mashinsky was indicted on seven counts relating to fraud, conspiracy, and market manipulation, and ultimately pleaded guilty to commodities fraud and a fraudulent scheme to manipulate the price of Celsius’ in-house token, CEL. He admitted to misleading customers and inflating the value of the token, as well as failing to disclose his sale of CEL holdings.

Mashinsky’s guilty plea is part of a larger crackdown on crypto fraud following a price slump in 2022 that led to the collapse of several firms in the industry. Celsius Network itself filed for bankruptcy in 2022 but has since emerged and pivoted to Bitcoin mining. Mashinsky’s guilty plea comes after several other crypto moguls, including FTX founder Sam Bankman-Fried, were charged with similar crimes.

Prosecutors have accused Mashinsky of personally profiting from the manipulation of Celsius’ token and have highlighted the impact of his actions on the company’s customers. Mashinsky’s cooperation with prosecutors comes as part of his plea deal, in which he agreed not to appeal any sentence of 30 years or less. The fallout from the crypto fraud cases has underscored the risks and challenges facing the industry as it continues to attract scrutiny and regulation.

Source
Photo credit www.aljazeera.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here