Celsius founder Alex Mashinsky reaches $10 million FTC settlement with lifetime crypto industry ban
The Block
Alex Mashinsky, founder of Celsius, settled with the FTC for $10 million and a lifetime ban from the crypto industry.Summary
Former Celsius CEO Alex Mashinsky has reached a settlement with the Federal Trade Commission (FTC), agreeing to a $10 million payment and a lifetime ban from the cryptocurrency and financial services industries. The settlement includes a $4.7 billion judgment related to the 2022 collapse of the Celsius platform, but most of this amount is suspended unless Mashinsky fails to disclose assets or makes misstatements about his financial condition. The FTC's complaint alleged that Mashinsky and other Celsius executives engaged in deceptive marketing practices. Mashinsky is currently serving a 12-year prison sentence for commodities fraud and manipulating the CEL token price, with victims reportedly losing their life savings.
(Source：The Block)