Former Celsius CEO pleads guilty to commodities fraud and price manipulation schemes. Faces up to 20 years in jail for his role in CEL token manipulation.
– Celsius filed for bankruptcy in July 2022, losing $4.7 billion in customer assets. – Its downfall contributed to the infamous “crypto winter,” erasing billions from the market.
– Mashinsky allegedly overstated CEL token value and misused customer funds. – Prosecutors claim Celsius used deposits to inflate CEL prices without user consent.
– Celsius has started repaying creditors, promising $127M in BTC or USD. – Ongoing lawsuits include a $2 billion case against Tether over collateral misuse.
Mashinsky’s case highlights the urgent need for trust and accountability in the crypto world.