Celsius CEO Alex Mashinsky settles with US FTC for $10M

Alex Mashinsky, CEO of the bankrupt crypto lender Celsius Network, has reached a settlement with the U.S. Federal Trade Commission (FTC) to pay a $10 million fine, Cointelegraph reported. As part of the ruling, the Southern District Court of New York has permanently banned Mashinsky from advertising or promoting services related to asset deposits, trading, investments, or withdrawals. The settlement is linked to a 2023 judgment for $4.72 billion in restitution. By paying the $10 million to the FTC, Mashinsky can suspend the enforcement of the remaining amount. Mashinsky was previously indicted in July 2023 by the U.S. Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Department of Justice (DOJ) on charges of market manipulation. He was sentenced to 12 years in prison last May.