<\/p>\n
Celsius founder Alexander Mashinsky, who was responsible for the $4.7 billion 2022 crypto crash, has been banned from crypto. This forms part of a $10 million settlement with the Federal Trade Commission (FTC) while <\/span>the crypto founder<\/span><\/a> continues to serve a 12-year sentence.\u00a0<\/span><\/p>\n A <\/span>court order<\/span><\/a> filed by the FTC shows that the Celsius founder is permanently banned from crypto. The order stipulates that Mashinsky is not allowed to advertise, market, promote, offer, distribute, or assist in doing any of these things with respect to <\/span>products or services<\/span><\/a> used to deposit, exchange, invest, or withdraw assets.\u00a0<\/span><\/p>\n This crypto ban forms part of a $10 million settlement with the FTC. The order included a $4.72 billion monetary judgment against the Celsius founder in favor of the Commission. This sum relates to Mashinsky\u2019s role in the 2022 crash of his <\/span>crypto lending platform<\/span><\/a>, which left customers unable to access $4.7 billion in deposits.\u00a0<\/span><\/p>\n However, this monetary judgment is suspended, and Mashinsky has been ordered to pay $10 million to satisfy this monetary relief. The order also noted that the crypto founder shall be deemed to have satisfied the payment obligation if he pays this amount to the <\/span>Department of Justice (DOJ)<\/span><\/a> pursuant to the forfeiture order entered in his criminal case.\u00a0<\/span><\/p>\n It is worth noting that the Celsius founder is currently serving a 12-year sentence for <\/span>fraud and market manipulation<\/span><\/a>. The crypto founder had pleaded guilty in 2024 to committing commodities fraud and securities fraud at Celsius and was subsequently sentenced last year. The prosecution revealed that Mashinsky had used customers\u2019 assets to place risky bets and to \u201cline his own pockets.\u201d<\/span><\/p>\n In addition to his prison term, the Celsius founder was also sentenced to three years of supervised release and ordered to pay a $50,000 fine and forfeit $48 million.\u00a0<\/span><\/p>\n Sam Bankman-Fried (SBF), who was convicted for fraud like Mashinsky, has had <\/span>his request<\/span><\/a> for a new trial denied. According to an <\/span>ABC report<\/span><\/a>, a federal judge denied SBF\u2019s request for a new trial, rejecting the FTX founder\u2019s claims that there are new witnesses in his case who could give evidence that would clear him of any wrongdoing.\u00a0<\/span><\/p>\n The judge described this claim as baseless. SBF is currently serving a 25-year prison sentence for his role in the collapse of defunct <\/span>crypto exchange FTX<\/span><\/a>. Bankman-Fried was found to have used up to $8 billion in customers\u2019 funds for his personal projects.\u00a0<\/span><\/p>\n However, he continues to deny any wrongdoing despite being found guilty, stating that his exchange was always solvent. It is worth noting that SBF was also seeking a pardon from U.S. President Donald Trump, but the White House has revealed that Trump has no plans to pardon him.\u00a0<\/span><\/p>\n Featured image from iStock, chart from Tradingview.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Celsius founder Alexander Mashinsky, who was responsible for the $4.7 billion 2022 crypto crash, has been banned from crypto. This forms part of a $10 million settlement with the Federal Trade Commission (FTC) while the crypto founder continues to serve a 12-year sentence.\u00a0 Celsius Founder Banned From Crypto As Part of $10 Million FTC Settlement\u00a0 […]<\/p>\n","protected":false},"author":2,"featured_media":426066,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-426061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/426061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=426061"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/426061\/revisions"}],"predecessor-version":[{"id":426071,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/426061\/revisions\/426071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/426066"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=426061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=426061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=426061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Celsius Founder Banned From Crypto As Part of $10 Million FTC Settlement\u00a0<\/span><\/h2>\n
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Crypto Founder Denied New Trial In Fraud Case<\/h2>\n
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