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Celsius Founder Alex Mashinsky Pleads Guilty to Fraud
The founder of crypto lender Celsius has admitted to lying to customers about how their money would be used and manipulating markets for his personal gain.
Alex Mashinsky, former CEO of bankrupt crypto lender Celsius, has pleaded guilty to two counts of fraud, which together carry a maximum sentence of 30 years in prison. Mashinsky has admitted to lying to Celsius customers about fundamental aspects of the business, including how their funds would be used, the DOJ says, as well as manipulating the price of a proprietary crypto token for his personal financial benefit. The guilty plea entered by Mashinsky is being celebrated in crypto circles as the cleansing of yet another bad actor responsible for the turmoil that so damaged the industry’s reputation and financial health.
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