Former Celsius CEO Alex Mashinsky is set to report to federal prison on Friday after pleading guilty to two felony counts in December. He admitted to making false statements regarding Celsius's Earn Program during the company's bankruptcy proceedings. Mashinsky is expected to surrender to authorities before 2:00 pm ET at the Federal Prison Camp in Otisville, New York, a minimum security facility. Celsius, which was once a leading player in the crypto industry, filed for bankruptcy in July 2022, resulting in Mashinsky's resignation shortly thereafter. The company emerged from bankruptcy in January 2024 and is currently distributing around $3 billion in assets to creditors. Initially indicted on multiple felony charges, Mashinsky's legal team faced setbacks during his trial. The situation follows similar cases in the industry, with Mashinsky being one of several prominent figures facing criminal consequences.

Source 🔗