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FollowingThe New York Attorney General has reached a settlement with the co-founder of Celsius, permanently banning him from engaging in the cryptocurrency industry.
New York Attorney General Letitia James has announced a settlement agreement with Alex Mashinsky. Mashinsky is the co-founder and former CEO of cryptocurrency lending platform Celsius Network. The agreement permanently bans him from participating in the securities, commodities and cryptocurrency industries. Under the terms of the agreement, Mashinsky will be recovered up to $35 million if he fails to meet certain legal and financial obligations.
Terms and Legal Consequences of the Agreement
According to the New York State Attorney General's Office, if Mashinsky did not surrender US$10 million in ill-gotten gains to the federal government and had given up other assets, he would have to pay US$25 million to New York State. In addition, if he does not serve his full sentence, he will have to pay an additional $10 million.
Mashinsky is currently serving a 12-year sentence for pleading guilty to commodity and securities fraud. The U.S. Commodity Futures Trading Commission (CFTC) reported that he pleaded guilty on December 3, 2024 and was sentenced on May 8, 2025. As part of a federal case, he was ordered to forfeit $48.4 million. On June 18, 2025, the CFTC announced a consent order permanently banning him from trading, registering or participating in any activity regulated by the CFTC.
Celsius Network, a cryptocurrency lending platform co-founded by Mashinsky, filed for bankruptcy, causing widespread losses to investors.
Explanation of technical terms
Commodity Futures Trading Commission (CFTC):美国联邦机构，负责监管衍生品和期货市场，包括商品和加密货币市场。
Celsius破产与资产分配
纽约州总检察长办公室表示，截至2026年8月，已有超过34亿美元返还给受Celsius破产影响的债权人。这是加密货币借贷市场历史上最严重的崩盘事件之一。
调查与行业影响
2023年1月，纽约州总检察长办公室对Mashinsky提起诉讼，指控他误导了数十万用户关于Celsius Network的安全性，其中包括超过2.6万名纽约州居民。办公室得出结论认为，尽管缺乏基本的联邦或州监管保护，Mashinsky仍反复宣称Celsius比银行更安全。
调查还发现，投资者资金被投入高风险项目，许多项目导致亏损，而这些亏损被隐瞒未向公众披露。总检察长还指出，Mashinsky未按照纽约州法律注册为销售人员或经销商。
Mashinsky had promised New Yorkers that his company would be a safe place to store their hard-earned savings, but left them with nothing when his risky investments collapsed. I will not allow scammers to use cryptocurrency to harm innocent New Yorkers.
Letitia James encourages staff who have observed misconduct in the cryptocurrency industry to submit whistleblower complaints, noting that these complaints can be submitted confidentially.
