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Information about Celsius (CEL)
Celsius (CEL) is a cryptocurrency-based decentralized personal lending platform. Celsius, launched in June 2018, offers rewards for crypto investments, loaning services, and wallet transactions.
Alex Mashinsky and Daniel Leon teamed up to create Celsius. While Mashinsky has 35 patents and a long history of working in Internet development on Voice over IP – the technology for transmitting human voices over computer networks – Daniel Leon has experience developing early-stage startups. Celsius was founded by two co-founders with prior knowledge and governance experience, and it promises to be a leading decentralized lending project in the future.
CEL is a native token of the Celsius ecosystem, operating on Ethereum according to ERC20 standard, and can be used to:
News
More than 200 victims are urging the court to impose a life sentence on Alex Mashinsky. Their statements highlight the emotional and financial turmoil resulting from his mismanagement of Celsius.
Many victims have shared their devastating personal experiences, attributing suicides and tragic outcomes directly to Mashinsky’s wrongdoing and the fallout from Celsius’s bankruptcy.
Mashinsky, who pled guilty to charges of misleading clients and manipulating the price of CEL, faces sentencing on May 8, 2025, amid claims of significant financial losses for his customers.
US prosecutors submitted over 200 victim statements highlighting the emotional and financial impact from Celsius Network’s collapse. The former CEO, Alex Mashinsky, pleaded guilty to fraud charges and awaits sentencing.
Mashinsky faces a maximum of 30 years in prison, but some statements advocate for leniency, referencing his intentions and external factors contributing to the collapse. His sentencing is scheduled for May 8.
Alex Mashinsky, the former CEO of Celsius, has filed a request in the U.S. District Court asking to postpone his sentencing from April 8 to May 8, 2025, to allow for adequate preparation of his case.
Mashinsky’s legal team highlights that he is facing multiple legal challenges, including bankruptcy litigation. U.S. Prosecutors have opposed the delay and provided victim impact statements ahead of sentencing.
Celsius’s lawsuit revolves around preferential transfers that allegedly benefited certain creditors at FTX, seeking initially $2 billion due to derogatory comments by FTX officers that hastened its collapse. However, they later revised the claim to $444 million.
Judge Dorsey rejected the claims citing inadequate evidence and procedural issues. Celsius’s amended claims, submitted in July 2024, were seen as improper for lacking permission to amend, irrelevant to previous claims, and delaying FTX’s restructuring process.
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