According to Foresight News and reported by The Block, former Celsius CEO Alex Mashinsky pleaded guilty to two charges in a New York court. Mashinsky admitted to committing commodity fraud and fraud related to manipulating the price of the company's native tokens, which carries a maximum sentence of 20 years in prison.
Alex Mashinsky was arrested in 2023. According to the original complaint in July 2023, Mashinsky was charged with securities fraud, commodity fraud, and telecommunications fraud. The cryptocurrency lending company Celsius filed for bankruptcy in 2022 and shut down earlier this year.