Alex Mashinsky pleaded guilty to fraud in December after attracting people around the world to invest US$25 billion on the platform, misleading them about the safety of their assets and manipulating the value of the crypto token CEL, the U.S. attorney’s office for the Southern District of New York said. (The Logic)
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Alex Mashinsky pleaded guilty to fraud in December after attracting people around the world to invest US$25 billion on the platform, misleading them about the safety of their assets and manipulating the value of the crypto token CEL, the U.S. attorney’s office for the Southern District of New York said. (The Logic)
Talking point: Mashinsky joins former FTX CEO Sam Bankman-Fried and Changpeng Zhao, the Canadian former CEO of Binance, in receiving U.S. prison sentences after their crypto platforms ascended to global prominence during the bull run of 2021 before the market crashed a year later. The Caisse de dépôt et placement du Québec’s US$150-million investment in Celsius in 2021 turned into a black eye for the pension fund after it wrote down the entire value of its stake in 2022. In July 2023, CDPQ and other shareholders reached a US$25-million settlement during Celsius’s bankruptcy proceeding, representing pennies on the dollar for their initial investments.
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