CoinTelegraph reported that Alex Mashinsky, CEO of bankrupt cryptocurrency lending firm Celsius (CEL) Network, has reached a settlement with the U.S. Federal Trade Commission (FTC) on the condition of paying a $10 million fine. In this ruling, the U.S. District Court for the Southern District of New York permanently banned Mashinsky from advertising and promoting services related to asset deposits, trading, investments, and withdrawals. This settlement is also linked to a total restitution judgment of $4.72 billion in 2023, allowing Mashinsky to pay $10 million to the FTC first to suspend the enforcement of the remaining restitution. Previously, Mashinsky was indicted by the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Department of Justice (DOJ) in July 2023 on charges of market manipulation and was sentenced to 12 years in prison last May.
