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Celsius to Distribute Third Round to Creditors, Totaling $2.206 Billion
Summary: According to Cointelegraph, Celsius will begin distributing the third round to eligible creditors, totaling $2.206 billion, bringing the cumulative recovery rate to approximately 64.9% of the claim value. On May 9, Celsius founder Alex Mashinsky was sentenced to 12 years in prison for crypto fraud, with two charges carrying sentences of 120 months and 144 ...
According to Cointelegraph, Celsius will begin distributing the third round to eligible creditors, totaling $2.206 billion, bringing the cumulative recovery rate to approximately 64.9% of the claim value.
On May 9, Celsius founder Alex Mashinsky was sentenced to 12 years in prison for crypto fraud, with two charges carrying sentences of 120 months and 144 months (to be served concurrently for 144 months). Alex Mashinsky agreed to forfeit $48 million and multiple properties. Prior to Celsius's collapse in 2022, Alex Mashinsky repeatedly lied to investors about the security of customer deposits. Prosecutors noted that he falsely claimed the platform was regulated, insisted they never issued unsecured loans (when they did), and profited illegally by manipulating the price of CEL tokens—earning over $48 million in illegal profits related to CEL alone.
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