Mashinsky, who is serving a 12-year prison sentence after pleading guilty to fraud after investors around the world—including La Caisse—put US$25 billion into the failed crypto platform, is also permanently banned from the crypto and financial services industries as part of the settlement. (The Logic)

Talking point: Celsius rose to prominence during the crypto bull market of 2021, offering yields as high as 17 per cent for its savings products and crypto loans. Its collapse in the summer of 2022 contributed to contagion throughout the crypto industry, leading to a prolonged bear market. La Caisse wrote down the entire value of its US$150-million investment, eventually accepting a settlement that represented pennies on the dollar. The order also slaps Mashinsky and his co-defendants with a US$4.7-billion penalty for losses related to Celsius’s collapse, but suspends all but US$10 million, provided the court doesn’t later learn he concealed wealth that could be used to pay it.