The U.S. Federal Trade Commission has issued a ruling against former Celsius CEO Alex Mashinsky, ordering him to pay $4.7 billion. Mashinsky is now required to pay $10 million. The full amount could be recovered if it is determined that he concealed assets or made other distortions in his financial reports.
In addition to the fine, the FTC has imposed a lifetime ban on Mashinsky from advertising, promoting, or distributing any products related to depositing, exchanging, or investing in assets. He is also subject to reporting and record-keeping obligations for up to 18 years.
Mashinsky is already serving a 12-year prison sentence after pleading guilty in December 2024 to charges of commodity fraud and manipulation of the price of the CEL token. The collapse of Celsius in 2022 led to the loss of funds for thousands of users.