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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Alex Mashinsky on the Verge of 20-Year Sentence as DOJ Slams Crypto Fraud Mastermind
The Department of Justice (DOJ) has requested that the founder of Celsius, Alex Mashinsky, serve a 20-year prison sentence because they believe that his actions didn’t come as a result of negligence or market misfortune but rather a series of calculated and deliberate decisions to lie. Their decision underscored the gravity of his offenses and […]
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, […]
Bitcoin Hits $50K Amid Crypto Market Turmoil: Analysts Predict $84.5K Target
Bitcoin is in the spotlight, breaking the $50,000 barrier not seen since December ’21. That’s broken through amid turbulent times while the digital currency faces volatility and a number of challenges. The characteristic volatile fluctuations of the cryptocurrency market witnessed a series of events. Besides, Luna has sharply crashed, and FTX went bankrupt. Moreover, Blockfi […]
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 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 […]
Bitcoin Bulls & Bumps, 10 Public Companies Ride The Rollercoaster: CoinGecko Report
In a recent research report released by CoinGecko, the landscape of publicly traded companies with substantial Bitcoin holdings has been examined, shedding light on the complex dynamics of their investment strategies and the fluctuating fortunes of the cryptocurrency market. The study explores the timeline of Bitcoin’s remarkable ascent and subsequent setback. It highlights the historic […]
Bankrupt Celsius Begins Liquidating Altcoins for BTC and ETH
Celsius, the crypto lending company that has declared bankruptcy, has initiated the process of selling its altcoin assets and converting them into Bitcoin (BTC) and Ethereum (ETH), as per the approval of a U.S. judge overseeing the bankruptcy proceedings. The company transferred these assets to FalconX, which then facilitated their transfer to Binance. In addition, […]