#2024withBinance The CEO of Celsius admitted guilt in manipulating the price of CEL
The former CEO of Celsius is accused of manipulating the price of the CEL token to attract investors. Machinski earned at least $42 million from fraudulent activities. During the last court hearing held this week, Machinski entered into a plea agreement on two counts: commodity fraud and organizing a scheme to artificially inflate the value of CEL.
The maximum penalty that can be imposed on the co-founder of Celsius is 30 years in prison. Sentencing for Machinski is expected to take place on April eighth.
The bankruptcy of Celsius became one of the events that triggered the crypto winter. The event led to the total market value of the crypto sector collapsing by billions of dollars.
