Celsius Founder Alex Mashinsky Banned From Crypto Industry, Fined $35 Million
Translated & summarized from Ynet by baba
Celsius founder Alex Mashinsky has been permanently banned from the crypto industry and fined up to $35 million by New York Attorney General Letitia James. Mashinsky is currently serving a 12-year sentence for defrauding investors, with over $48 million in assets already seized. The ban aims to prevent him from further exploiting investors.
The story in 5 lines · by baba
- Celsius founder Alex Mashinsky is permanently banned from the crypto industry.
- Mashinsky faces conditional fines of up to $35 million.
- He is currently serving a 12-year prison sentence for investor fraud.
- Over $48 million in assets have already been seized from Mashinsky.
- The ban was announced by New York Attorney General Letitia James.
Alex Mashinsky, the Israeli-American founder and CEO of the crypto company Celsius, has been permanently banned from the capital and crypto markets. He will also face conditional fines of up to $35 million, provided he serves his full prison sentence and completes additional federal asset forfeiture. The announcement was made by New York Attorney General Letitia James, following a lawsuit she filed against him in 2023 for defrauding investors of billions of dollars.
Mashinsky is currently serving a 12-year prison sentence in a parallel federal criminal case. In that case, over $48 million of his assets have already been seized. Attorney General James stated, "We have blocked him from the industry so that he cannot exploit investors again."
