Alex Mashinsky, former CEO of bankrupt crypto lender Celsius, has pleaded guilty to two counts of fraud, which together carry a maximum sentence of 30 years in prison.
In the wake of the company’s collapse, the US Department of Justice charged Mashinsky with seven counts of fraud, conspiracy, and market manipulation. Having originally pleaded not guilty, he was set to face a criminal trial in the Southern District of New York in January.
However, at a court hearing Tuesday, Mashinsky instead pleaded guilty to one count of commodities fraud and one count of securities fraud. Mashinsky has admitted to lying to Celsius customers about fundamental aspects of the business, including how
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