Crypto Collapse: Celsius Founder Alex Mashinsky to Plead Guilty

Alex Mashinsky, former CEO of Celsius Network, plans to plead guilty to two counts of fraud related to misleading customers and manipulating Celsius' token value. He was initially indicted on seven counts. This is part of a larger crypto industry fallout after a market slump and several company bankruptcies.

Alex Mashinsky, the pioneering force behind Celsius Network, is poised to admit guilt on two charges of fraud. This comes after the former CEO faced a battery of legal woes in connection to misleading investors and inflating the value of his crypto token, CEL.

Indicted in mid-2023 on seven serious charges, Mashinsky's case has been closely watched as a litmus test for accountability in the cryptosphere. U.S. District Judge John Koeltl had previously denied his requests to dismiss two of these charges.

The Celsius saga unfolded alongside the broader unraveling of the cryptocurrency market. Plummeting digital asset prices in 2022 were catastrophic for many, including Celsius, FTX, and Three Arrows Capital. This series of events has cast a long shadow over the promising yet precarious world of crypto finance.

(With inputs from agencies.)