Founder of failed crypto lending platform Celsius Network pleads guilty to fraud charges

Published December 3, 2024 3:44 PM

Associated Press

NEW YORK (AP) — The founder and former CEO of the failed cryptocurrency lending platform Celsius Network has pleaded guilty to federal fraud charges, admitting that he misled customers about the business. Alexander Mashinsky entered the plea Tuesday in Manhattan federal court to commodities and securities fraud. He admitted illegally manipulating the price of Celsius’ proprietary crypto token while secretly selling his own tokens at inflated prices. A plea agreement Mashinsky reached with prosecutors calls for him to be sentenced to up to 30 years in prison. Sentencing was scheduled for April 8. Celsius filed for bankruptcy in 2022.

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Associated Press

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