Celsius Network

ForkLog 7 09.05.2025

Celsius Founder Sentenced to 12 Years in Prison

On May 8, a New York court sentenced Celsius founder Alex Mashinsky to 12 years in prison. The former CEO will also forfeit $48 million and real estate, according to Reuters. In December 2024, Mashinsky pleaded guilty to commodities fraud and manipulating the price of the CEL token. Judge John Keltl described the crimes as […]

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ForkLog 12 06.05.2025

Alex Mashinsky’s Lawyers Seek to Reduce Prison Sentence to One Year

The defense team for Celsius founder Alex Mashinsky has requested the court to limit his prison sentence to one year, rejecting the U.S. Department of Justice’s recommendation of a 20-year term. The lawyers described the prosecution’s demands as a “death sentence” for the 59-year-old entrepreneur. In December 2024, Mashinsky pleaded guilty to commodities fraud and […]

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ForkLog 14 28.04.2025

Celsius Creditors Demand Life Sentence for Alex Mashinsky

Among the more than 200 victims of the Celsius collapse, many have called for a life sentence for the company’s founder, Alex Mashinsky, according to Bloomberg. “[Mashinsky] was aware of his actions and destroyed many lives. […] He should face punishment similar to Bernie Madoff and be sentenced to life imprisonment,” emphasized an investor who […]

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ForkLog 28 24.04.2025

Sentencing for Former Celsius CEO Scheduled for May 8

The sentencing of Alex Mashinsky, co-founder and former CEO of the bankrupt crypto firm Celsius, is set for May 8, according to a motion filed by the prosecution. Prosecutors have requested the inclusion of over 200 victim statements related to the project’s collapse. In December 2024, Mashinsky pleaded guilty to two of the seven charges—commodities […]

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ForkLog 10 04.12.2024

Former Celsius CEO Admits Guilt on Two Charges

Former Celsius CEO Alex Mashinsky admitted guilt on two of seven charges—commodity fraud and manipulation of the CEL token price. “I said that Celsius had received approval from regulators. That was a lie. I lied about not selling my CEL tokens. I take full responsibility for my actions,” Mashinsky stated on December 3 at a […]

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ForkLog 32 28.11.2024

Celsius to Distribute $127 Million to Creditors in Second Payout

The bankruptcy administrator for the lending platform Celsius will distribute assets worth $127 million among eligible creditors as part of the second payout. This is according to a court filing. According to the document, investors will receive compensation in Bitcoin based on cryptocurrency exchange rates as of January 16. For the purpose of determining the […]

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ForkLog 9 17.09.2024

Former Celsius CEO Faces Potential 115-Year Sentence Amid Bankruptcy Case

Former Celsius CEO Alex Mashinsky has requested the court to allow six witnesses to testify in the bankruptcy case involving the lending platform. The entrepreneur faces a potential prison sentence of up to 115 years, reports The Block. In July 2023, media outlets reported Mashinsky’s arrest. According to court documents reviewed by insiders, the SEC […]

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ForkLog 8 30.08.2024

Legal Firms Reap Over $750 Million from Crypto Bankruptcies

Twenty-two law firms engaged in seven cryptocurrency company bankruptcies under Chapter 11 of the U.S. Code have requested or received fees totaling $751 million, according to Bloomberg Law. Journalists analyzed court documents and reported figures as of mid-August. Leading the pack were Sullivan & Cromwell, Kirkland and Ellis, White & Case, and Cleary Gottlieb, which […]

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ForkLog 12 27.08.2024

Celsius Bankruptcy Trustee Distributes $2.5 Billion to Creditors

The bankruptcy administrator of the lending platform Celsius has distributed two-thirds of the funds allocated to clients, according to CoinDesk. Payouts amounting to $2.53 billion (93% of the expected amount) have been made in digital assets and fiat currency, based on the exchange rate as of January 16. A total of 251,000 creditors have received […]

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ForkLog 11 11.08.2024

Celsius Sues Tether for $2.4 Billion Over Bitcoin Collateral

The bankrupt lending platform Celsius has filed a lawsuit against Tether, seeking compensation of 39,542 BTC (approximately $2.4 billion). According to the document, the amount in question was collateral for a loan from the USDT stablecoin issuer. Tether requested additional collateral following a decline in Bitcoin’s price in early 2022. Celsius complied with Tether’s request, […]

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ForkLog 8 21.02.2024

Former Celsius CEO to Engage Lawyers of Sam Bankman-Fried

Former Celsius CEO Alex Mashinsky plans to rely on the same legal team as FTX founder Sam Bankman-Fried in court. Former Celsius CEO Alex Mashinsky said he was comfortable using the same lawyers as FTX founder Samuel Bankman-Fried to defend him against charges that he pumped up the price of his firm’s cryptocurrency https://t.co/pxxhxKkYZ6 — […]

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ForkLog 10 01.02.2024

Celsius Network to Distribute $3 Billion in Restructuring Plan

The bankrupt lending platform Celsius will distribute $3 billion to creditors under an approved restructuring plan. This decision was supported by 98% of account holders and confirmed by the Southern District of New York court. Recipients can expect assets in cryptocurrencies, fiat, and common stock of the new Bitcoin mining company Ionic Digital. The latter […]

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