Mashinsky因Celsius债权人索赔被处以3500万美元罚款

New York permanently bans former Celsius Network CEO Alex Mashinsky from entering the securities, commodities and cryptocurrency industry

New York state has permanently banned former Celsius Network CEO Alex Mashinsky from entering the securities, commodities and cryptocurrency industry under a settlement that may require him to pay up to $35 million to New York state. New York Attorney General Letitia James announced the agreement on Friday, resolving a civil lawsuit filed in 2023. The lawsuit alleges Mashinsky misled investors about Celsius's safety, investment practices and financial condition while encouraging clients to deposit billions of dollars in digital assets.

The settlement adds another layer of punishment to the former crypto executive, who has been sentenced to 12 years in federal prison, and is subject to separate restrictions imposed by the Federal Trade Commission (FTC) and the Commodity Futures Trading Commission (CFTC).

Why are the US$35 million settlement amount attached to it?

The headline amount does not mean that Mashinsky must immediately pay $35 million to New York State. Under the settlement, he would have to pay the state $25 million if he failed to waive another $10 million in alleged unjust enrichment to the federal government as required. If he does not serve the full sentence imposed by the criminal court and supervised by the Bureau of Prisons, he may have to pay New York State another $10 million.

Mashinsky was sentenced in May 2025 for pleading guilty to commodity fraud and securities fraud. The federal court also fined $50,000 and ordered the forfeiture of approximately $48.4 million. As a result, the New York State settlement partially supplements federal criminal penalties rather than a fully separate $35 million guaranteed recovery.

Investor revelation: The figure of US$35 million exaggerates the scale of immediate cash recovery. Much of the New York state settlement depends on whether Mashinsky meets existing federal forfeiture and imprisonment requirements.

How do FTC and CFTC penalties connect?

New York's agreement follows other federal enforcement resolutions reached earlier this year. In April, Mashinsky agreed to pay $10 million in an FTC settlement to resolve allegations that Celsius executives deceived customers about the safety, liquidity and financial health of the lending platform. The agency also permanently restricted him from marketing or selling services that involve the access, redemption, investment or withdrawal of customer assets.

The FTC ultimately recovered $16.5 million from three of Celsius's founders-including Mashinsky, Shlomi Daniel Leon and Hanoch "Nuke" Goldstein. Subsequently, the CFTC issued a consent order in June permanently banning Mashinsky from trading in or subject to its jurisdiction in markets regulated by the CFTC and prohibiting registration with the agency.

The CFTC order also permanently prohibits him from violating certain anti-fraud provisions. New York state's ban is broader in one respect because it explicitly prohibits him from participating in the securities, commodities and cryptocurrency industries.

How much money did Celsius creditors actually recover?

Enforcement settlements should be distinguished from Celsius's bankruptcy allocation. According to the New York State Attorney General, as of August 2026, more than $3.4 billion had been distributed to Celsius creditors. These recoveries were obtained through the company's bankruptcy proceedings and related asset recoveries, rather than directly from the latest state settlement. Early allocations include cryptocurrency, cash and equity-related recovered assets.

Celsius's bankruptcy has become one of the biggest tests for creditor recovery after the 2022 crypto lending collapse, when platforms including Celsius froze withdrawals after the collapse of highly leveraged lending strategies. This distinction is important for former customers because regulatory decisions against executives do not automatically translate pro rata into additional bankruptcy allocations.

Investor revelation: Celsius creditors have recouped billions of dollars, but the bankruptcy distribution and penalties for Mashinsky belong to different legal pools. New enforcement settlements will not automatically increase creditors 'payouts.

Will Mashinsky's 12-year sentence be finalized?

Mashinsky is serving his sentence, but he tried to overturn the sentence. He filed a motion in May to revoke or correct the 144-month sentence, arguing that it included grounds such as obtaining ineffective legal assistance.

Mashinsky filed the challenge without hiring additional lawyers, and federal prosecutors subsequently opposed his request. A court order on September 29 kept the process open and gave Mashinsky until December 11 to respond to the government's objections. The challenge has an unusual connection to the New York State settlement, as $10 million in potential state recoveries is specifically linked to whether Mashinsky has served his sentence. However, the actual regulatory results are already very broad: Mashinsky remains jailed, faces more than $48 million in federal forfeiture, and has now accumulated overlapping restrictions that effectively exclude him from regulated crypto and financial markets in the United States.