According to Cointelegraph, former Celsius CEO Alex Mashinsky has entered a plea agreement with United States prosecutors following an unsuccessful attempt by his legal team to dismiss charges in his criminal indictment. During a conference held on December 3 in the United States District Court for the Southern District of New York, Mashinsky announced his intention to plead guilty to charges of commodities fraud and a fraudulent scheme aimed at manipulating the price of the CEL token. He confessed to making misleading statements regarding the platform’s Earn Program, which had encouraged investors to sell their Bitcoin (BTC).
The plea agreement permits Mashinsky to plead guilty to two charges out of the original seven that were filed by prosecutors in July 2023. Judge John Koeltl indicated that Mashinsky could face a maximum sentence of up to 30 years if the sentences for both charges are served consecutively. Initially, Mashinsky had pleaded not guilty to all charges and was released on a $40-million bond, albeit with certain travel restrictions. His trial was initially set to commence in January 2025.
This case remains under development, and additional details will be provided as they become available.