Mashinsky Pleads Guilty, Faces 30-Year Sentence

Alex Mashinsky, the former CEO of Celsius Network, pleaded guilty to two counts of fraud, agreeing to a potential 30-year prison sentence. Indicted in July 2023 on seven charges, including market manipulation, Mashinsky admitted to misleading Celsius customers and artificially inflating the CEL token's value for personal gain, profiting approximately $42 million. His plea follows the guilty plea of Celsius' former chief revenue officer, Roni Cohen-Pavon, who is cooperating with the investigation. This case is part of a broader crackdown on crypto fraud following the 2022 market crash, which led to Celsius filing for bankruptcy. Since exiting bankruptcy in January 2023, Celsius has refocused on Bitcoin mining.