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Cryptocurrency News Articles
Alex Mashinsky, Founder of Bankrupt Crypto Lender Celsius Network, to Plead Guilty to Fraud Charges
Dec 04, 2024 at 04:35 am
This development comes more than a year after Mashinsky was indicted on seven charges, including fraud, conspiracy, and market manipulation, in July 2023.
Alex Mashinsky, founder and former CEO of bankrupt crypto lender Celsius Network, is now planning to plead guilty to two counts of fraud, his defense attorney revealed during a hearing on Tuesday.
This development comes after Mashinsky was indicted on seven charges, including fraud, conspiracy, and market manipulation, in July 2023. He initially pleaded not guilty to all charges.
However, Judge John Koeltl denied his motion to dismiss two criminal counts ahead of his trial, which was scheduled for January 2025.
Celsius Network, founded in 2017, filed for Chapter 11 bankruptcy protection in July 2022. The company exited bankruptcy on January 31 and has since shifted its focus to Bitcoin mining.
Federal prosecutors had accused Mashinsky and former chief revenue officer Roni Cohen-Pavon of manipulating the market for the company’s Cel token.
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