Former Celsius CEO Arrested for Fraud

Former Celsius CEO Alex Mashinsky has been arrested on federal securities fraud charges, while the bankrupt crypto exchange has agreed to pay a $4.7 billion settlement with government regulators. The settlement, announced by the FTC, is one of the largest in its history and highlights what it described as repeated deceptions by Celsius and Mashinsky. Federal prosecutors have charged Mashinsky with securities, commodities, and wire fraud, as well as various securities manipulation and fraud charges. The concurrent SEC proceedings are against Mashinsky and Celsius, and like the federal charges, allege that Mashinsky misled investors and fraudulently manipulated the price of Celsius' exchange token, CEL.