The former CEO of Celsius Network, Alex Mashinsky, has been sentenced to 12 years in prison for his involvement in a multi-billion-dollar crypto. He also admitted to two fraud charges. This conviction follows a lengthy investigation done into the operations of Celsius Network, a once-prominent cryptocurrency lending platform. Prior to the platform shutting down, Alex […]
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DOJ Seeks 20-Year Sentence for Celsius Founder Alex Mashinsky
The U.S Department of Justice (DOJ) demands a 20-year prison sentence for former CEO of Celsius Network Alex Mashinsky. The DOJ accuses Mashinsky of creating a multibillion-dollar fraud which resulted in major financial losses for thousands of customers. The sentencing will take place on May 8 as prosecutors stress on the need for strict punishment […]
Former Celsius CEO Alex Mashinsky Faces Life Sentence Call
The cries for justice are growing against former Celsius CEO, Alex Mashinsky, after pleading guilty to fraud.
Celsius Fights Back: Appeals Court’s $444M Ruling in Heated FTX Battle
Celsius has filed an appeal against a court ruling that denied its $444 million claim in the FTX bankruptcy case. The defunct crypto lender disputes the decision, which dismissed its damages claims and preferential transfer allegations. The appeal adds another layer to the two firms’ ongoing bankruptcy battle. Court Ruling Dismisses Celsius’s Claims In December, […]
Celsius Pays Back $2 Billion In Crypto To Creditors After Bankruptcy
Celsius, a crypto loan platform that went bankrupt in July 2022, has begun dispersing crypto assets with a value of $3bn among the creditors as part of a court-approved plan. The company has already paid back $2bn to its liabilities, including over 20k Bitcoin (BTC) and 301k Ethereum (ETH) owners, according to the latest court […]
Celsius Exit from Bankruptcy After 18-Month Battle
A new beginning awaits stablecoin issuer Celsius Network LLC as it officially exits bankruptcy, marking the culmination of an intense restructuring process. The crypto firm, which concluded its financial reorganization on January 31, 2024, disclosed this information in a press release. The achievement follows the implementation of the confirmed plan of reorganization [“Plan”], a strategy […]
Celsius Pursues Legal Action To Recoup Pre-Bankruptcy Withdrawals Exceeding $100,000
Celsius, the troubled cryptocurrency lender, has initiated legal proceedings to reclaim funds from creditors who withdrew amounts exceeding $100,000 within the three months leading up to its declaration of bankruptcy. The filing by Celsius bankruptcy administrators on January 9 informs creditors that those who withdrew substantial sums during the 90 days preceding the company’s bankruptcy […]
Celsius To Launch MiningCo: Orderly Wind Down Approved
A U.S. bankruptcy judge, Martin Glenn, has approved Celsius Network to establish a new Bitcoin mining company owned by creditors. The decision stems from the Orderly Wind Down / MiningCo transaction, as sanctioned by the Court and detailed in an opinion and order issued by Judge Glenn. The ruling permits the debtors to initiate liquid […]
Celsius Bankruptcy Plan Faces Skepticism, Regulatory Hurdles
Celsius Network LLC, the failed crypto lender, won bankruptcy court approval on Thursday to transform into a creditor-owned Bitcoin mining firm. The plan, which has been met with skepticism from some customers and faces regulatory hurdles, would see Celsius repay customers through a combination of cryptoassets and stock in the new, publicly listed Bitcoin mining […]
Celsius’s Alex Mashinsky vs. FTC Legal Battle Heats Up
In a recent court filing on Monday, former CEO of Celsius Alex Mashinsky filed a request that the Federal Trade Commission [FTC] drop its ongoing case against him. The crypto lending platform filed for bankruptcy amid the market downturn, and Mashinsky was subsequently arrested in July, facing charges related to fraud and the alleged manipulation […]