Does Mashinsky admit to manipulating the cryptocurrency market?

Alex Mashinsky, former founder and CEO of Celsius Network, is close to pleading guilty to charges in a fraud case.

In 2023, Mashinsky was charged with 7 criminal charges, including fraud, conspiracy and market manipulation.

Federal prosecutors allege that Mashinsky misled Celsius Network customers, using their investments to boost the value of the company and its native cryptocurrency.

History of the Mashinsky case

This case began in July 2023, but Mashinsky denied the charges the first time, and also last November, Federal Court Judge John Koeltl rejected Mashinsky’s request to dismiss two criminal charges.

This week, Mashinsky’s lawyer informed Koeltl that he would plead guilty to two counts of fraud.

Impact of the case

Mashinsky’s expected confession of the charges against him comes at a time when the cryptocurrency industry is witnessing remarkable growth and development, especially with the end of the US presidential elections and the victory of Donald Trump, and the increasing possibility that the United States will witness the first pro-cryptocurrency administration, under the leadership of Donald Trump.

It is noteworthy that in 2022, the Celsius network filed for bankruptcy under the law after the collapse of the cryptocurrency market.

Mashinsky was one of several accused of fraud after the market collapse, which led to the bankruptcy of several major companies, such as: Three Arrows Capital, Voyager Digital, and FTX.