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FollowingCelsius co-founders were sentenced to pay more than $6 million in settlement
Cryptocurrency lending platform Celsius co-founders Shlomi Daniel Leon and Hanock "Nuuk" Goldstein were recently ordered to pay more than $6 million to settle charges filed by the U.S. Federal Trade Commission (FTC). The agency previously accused the two of falsely reporting the security of the Celsius platform until the company went bankrupt.
Under an order signed by U.S. District Judge Denise Cote on Monday, Goldstein, a former chief technology officer of Celsius, is required to pay $2.014 million. Another order, which took effect June 29, required Leon, the company's former chief strategy officer, to pay $4.1 million.
This settlement further expands the impact of Celsius's 2022 bankruptcy beyond the company's former CEO Alex Masinsky. The cryptocurrency lending platform held US$25 billion in assets at its peak, but owed customers US$4.7 billion when it filed for bankruptcy in July 2022.
The FTC stated in a statement issued on Monday that the order also prohibits Leon from marketing or selling any products and services that can be used to deposit, exchange, invest or withdraw assets. "Similarly, Goldstein agreed to accept the ban on marketing or selling retail products or services that can be used to purchase, sell, deposit, withdraw, distribute or trade cryptocurrency. "
FTC's allegations against Celsius co-founder
The FTC alleges that Celsius made false promises to customers, claiming that it held sufficient reserves to meet withdrawal needs, had a $750 million insurance policy covering customer deposits, and had not issued unsecured loans. The statement said: "However, the FTC believes that these promises are false information. The company's executives continued to claim that customer deposits were safe and secure several days before the company filed for bankruptcy. "
Masinsky settles FTC case with US$10 million
In April this year, Masinsky reached a settlement agreement with the FTC, which permanently prohibited it from promoting any asset-related products and required a payment of US$10 million. The amount is part of a total of $4.72 billion (partially suspended) judgment. Goldstein's $2.014 million and Leon's $4.1 million will also be included in the total of $4.72 billion in judgment. These verdict amounts reflect the extent of consumer damage alleged by the FTC.
In addition, Masinsky was sentenced to 12 years in prison in May 2025 for pleading guilty to commodity and securities fraud charges. Prosecutors said Masinsky had misled Celsius customers about issues such as the company's profitability, investment risks and the safety of client funds.
