Analysis
A federal court has agreed with the Trump-appointed US attorney to levy a harsh sentence on former Celsius CEO Alex Mashinsky.
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Lates News on Celsius
Stay up-to-date on the latest Celsius crypto news at Coinpectra. The Celsius Network, a once popular cryptocurrency lending and borrowing platform, promised high returns to investors who deposited their crypto assets.
However, risky investments and market volatility led to liquidity issues. In July 2022, Celsius suspended withdrawals and subsequently filed for Chapter 11 bankruptcy protection, leaving customers uncertain about the fate of their funds.
The Celsius bankruptcy proceedings highlight the risks associated with centralized cryptocurrency platforms and the importance of understanding the terms of the investments.
- News
Though Alex Mashinsky's sentencing was still pending, the US government said it did not oppose his voluntarily surrendering after his daughter's wedding.
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Mashinsky pleaded guilty in December 2024 to commodities fraud and manipulating the price of CEL, earning $48 million by selling his holdings before Celsius collapsed.
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The former CEO of Celsius Network is scheduled to appear before a judge for sentencing after pleading guilty to two felony charges in December.
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Actor Ben McKenzie said he had spoken with Sam Bankman-Fried before the collapse of FTX and Alex Mashinsky before Celsius Network filed for bankruptcy.
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The DOJ stated that Mashinsky’s plea showed that his crimes were “not the product of negligence” but the result of “deliberate, calculated decisions to lie.”
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US prosecutors have shared over 200 victim impact statements in their case against admitted fraudster Alex Mashinsky, whose sentencing is set for May 8.
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The total crypto lending market has yet to recover from the collapse of top CeFi lenders, but DeFi borrowing has made a 959% recovery from the bear market bottom.
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The Index, which measures overall sentiment in the crypto market, has not seen levels this low since the collapse of multiple crypto firms in 2022.
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The former Celsius CEO was scheduled to be sentenced in April after pleading guilty to two felony charges.
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The crypto lender made two claims, both of which were dismissed for various reasons, including procedural shortcomings.
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Former Celsius chief revenue officer Roni Cohen-Pavon pleaded guilty to US criminal charges in 2023 and has been allowed to travel to Israel on bail.
23323 - Breaking news
US authorities charged the former Celsius CEO with seven felony counts related to fraud and misleading users after reaching a “non-prosecution agreement” with the company in 2023.
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The debtor’s estate for the failed crypto lending platform announced a second payout of $127 million to creditors, but some are still unhappy.
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A federal judge ruled that Alex Mashinsky’s legal team’s arguments to dismiss two of his seven criminal charges were “either moot or without merit.”
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