CandleFocus

Alex Mashinsky to plead guilty to fraud linked to Celsius bankruptcy

Author: Content Editor
Alex Mashinsky, the founder and former CEO of Celsius Network, plans to plead guilty to two counts of fraud, according to his defense attorney. This comes after Mashinsky was indicted on seven charges, including fraud and market manipulation, in July 2023. The decision to change his plea follows a judge's ruling denying his motion to dismiss two criminal counts. Celsius Network filed for bankruptcy in 2022 but has since emerged from it and shifted its focus to Bitcoin mining. Mashinsky's former chief revenue officer has already pleaded guilty and is cooperating with prosecutors. Mashinsky personally gained $42 million from selling his Cel token holdings. The company is distributing $127 million to eligible creditors in its second bankruptcy payout, totaling a recovery rate of 60.4% of eligible claims.

Related News