A federal judge has imposed a $4.72 billion judgment against Alex Mashinsky, the founder of the defunct crypto lending platform Celsius Network, and permanently banned him from the cryptocurrency and financial services industries. The judgment, signed by U.S. District Judge Denise L. Cote, requires Mashinsky to pay $10 million, coordinated with his Department of Justice criminal forfeiture obligations. Mashinsky is currently serving a 12-year prison sentence after pleading guilty to commodities and securities fraud.
The Federal Trade Commission (FTC) filed its complaint against Celsius and its executives in July 2023, accusing them of deceptive practices. Mashinsky misled customers about the safety of their deposits while engaging in high-risk investments. The FTC's settlement with Celsius in August 2023 included a $4.72 billion judgment against the company and a ban on offering crypto services. Mashinsky's personal settlement adds permanent restrictions on his future activities in both crypto and traditional finance sectors.
Celsius Founder Alex Mashinsky Hit with $4.72B Judgment, Lifetime Crypto Ban
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