Judge Approves $10M FTC Deal, Bars Mashinsky From Asset Products

A U.S. judge approved a $10 million settlement with the Federal Trade Commission that permanently bars Celsius founder Alex Mashinsky from promoting or operating products involving the deposit, exchange, investment, or withdrawal of assets. The order also enters a $4.72 billion monetary judgment, although Mashinsky’s actual cash payment to the FTC is capped at $10 million and can be satisfied through an equivalent Department of Justice forfeiture payment. The civil settlement follows Mashinsky’s sentencing last May to 12 years in prison for fraud and market manipulation tied to Celsius’s CEL token. Celsius froze customer withdrawals in June 2022, trapping funds belonging to 1.7 million users before filing for bankruptcy the following month.

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