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Alexander Mashinsky, the founder of Celsius Network, reached a settlement with the Federal Trade Commission (FTC) that permanently prohibits him from promoting, marketing, or offering any product or service related to the deposit, exchange, investment, or withdrawal of assets. The order was signed by Judge Denise Cote in the Southern District of New York.
The settlement establishes a monetary judgment of $4.72 billion in favor of the FTC, although most of that amount remains suspended. Mashinsky’s immediate obligation is to pay $10 million to the regulatory agency.
Under the terms of the order, the $10 million obligation can also be satisfied if he pays at least $10 million to the Department of Justice under the forfeiture order in his criminal case.
The suspension of the remaining amount is not unconditional. The FTC retains the right to ask the court to lift the suspension if it is determined that Mashinsky omitted a material asset, misrepresented its value, or made any other inaccurate statement in his financial disclosures.
If the suspension is lifted, the $4.72 billion would become immediately enforceable. The amount could be reduced by payments already made under the FTC order, sums paid to consumers through the Department of Justice forfeiture order, or amounts Mashinsky can demonstrate that other defendants paid to consumers, including those derived from the Celsius bankruptcy proceedings.
In May 2025, Mashinsky was sentenced to 12 years in prison after pleading guilty to commodities fraud and securities fraud. Prosecutors said he misled Celsius customers about the company’s profitability, investment risks, and the safety of their funds.
His case is described as one of the most significant criminal proceedings in recent crypto industry history.
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