During a court hearing, Alex Mashinsky pleaded guilty to commodities fraud and manipulation of CEL token price, acknowledging he misled Celsius customers regarding regulatory approvals.
Mashinsky confessed to providing false assurances in 2021 about Celsius having regulatory approval for its Earn program, which had unauthorized features, misleading investors.
He admitted to selling his CEL holdings without disclosure, revealing the extent of his mismanagement and desire to keep the scheme operational despite its risks.
The plea agreement prevents Mashinsky from appealing a sentence of 30 years or less, highlighting his acknowledgment of wrongdoing amid widespread crypto fraud tensions.
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