Celsius founder Alex Mashinsky reaches settlement with FTC

Techub News reports, according to Cointelegraph, that Celsius Network founder Alex Mashinsky has officially reached a settlement with the U.S. Federal Trade Commission (FTC). Under an order signed by Judge Denise Cote of the U.S. District Court for the Southern District of New York, Mashinsky is permanently banned from promoting any products or services used for depositing, exchanging, investing in, or withdrawing assets. The settlement stipulates that Mashinsky must pay a $10 million penalty, while the massive $4.72 billion judgment previously issued against him by the FTC is now largely "suspended." If Mashinsky is found in subsequent financial disclosures to have concealed significant assets, misreported asset values, or made any material omissions, the suspension will immediately be lifted, and the $4.72 billion judgment will become immediately due and enforceable. Earlier in May 2025, Mashinsky was sentenced to 12 years in prison after pleading guilty to commodity fraud and securities fraud. This settlement with the FTC resolves the major civil litigation portion he was facing.