Celsius Network Founder Alex Mashinsky Pleads Guity To Two Counts Of Fraud, Including Manipulating In-House Crypto’s Price
Alex Mashinsky, the disgraced founder and ex-CEO of cryptocurrency lender Celsius Network, admitted guilt to two counts of fraud on Tuesday.
What Happened: Despite his initial plea of not guilty, Mashinsky confessed to two of the seven charges during a hearing before a U.S. District Judge, according to a Reuters report.
The charges included commodities fraud and a scheme to manipulate the price of Celsius (CRYPTO: CEL), Celsius’ in-house token.
Mashinsky admitted to providing Celsius customers with “false comfort” by falsely claiming in a 2021 interview that Celsius had received regulatory approval for its “Earn” program. He also confessed to not disclosing that he had been selling his CEL holdings, the platform’s in-house token.
“I know what I did was wrong, and I want to try to do whatever I can to make it right,” Mashinsky stated. He agreed not to appeal any sentence of 30 years or less, the maximum sentence for the two counts. His …
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