Israeli-American entrepreneur Alex Mashinsky fined $35 million

New York Attorney General Letitia James announced a $35 million suspended fine and a lifetime ban from capital and cryptocurrency markets for Alex Mashinsky, founder of the crypto company Celsius. Mashinsky is already serving a 12-year sentence for defrauding investors of billions of dollars.

New York Attorney General Letitia James announced new sanctions against Israeli-American entrepreneur Alex Mashinsky, founder and former CEO of the crypto company Celsius. Mashinsky is permanently banned from capital and cryptocurrency markets. He faces suspended fines of up to $35 million if he does not serve his full prison term or agree to additional federal forfeiture. The decision follows a lawsuit filed against him in 2023 for defrauding investors of billions of dollars. Mashinsky is currently serving a 12-year prison sentence in a parallel federal criminal case, in which more than $48 million has already been forfeited from him. James said they "blocked him from the industry so that he cannot exploit investors again."