FTC Orders Former Celsius CEO to Pay $10 Million and Bars Him from Crypto Industry

The Federal Trade Commission (FTC) has issued an order against former Celsius CEO Alex Mashinsky, mandating a $10 million payment and permanently prohibiting him from participating in the cryptocurrency and financial services sectors. According to NS3.AI, the order includes a $4.7 billion judgment related to losses from the collapse of Celsius in 2022. However, most of this amount is suspended unless Mashinsky is found to have concealed assets or misrepresented his financial situation. Additionally, the order requires Mashinsky to adhere to reporting and record-keeping obligations for up to 18 years.