Celsius Founder Alex Mashinsky Settles FTC Case with $10 Million Payment Requirement

Celsius founder Alex Mashinsky has settled a long-standing case with the US Federal Trade Commission (FTC), agreeing to a permanent ban on promoting asset-related products and making a $10 million payment. The settlement was reached as part of the FTC's ongoing efforts to hold individuals accountable for their role in the collapse of cryptocurrency companies.

The settlement stems from the FTC's original judgment against Mashinsky, which totaled $4.72 billion. However, most of this amount was suspended, leaving only a $10 million payment obligation. This obligation can be satisfied either through the required payment to the FTC or by paying at least $10 million to the US Department of Justice under Mashinsky's criminal case forfeiture order.

The settlement adds to the growing list of financial penalties and sanctions imposed on individuals involved in the collapse of cryptocurrency companies, including Celsius. The agreement also preserves the FTC's ability to pursue further action against Mashinsky if he is found to have misrepresented or omitted assets in his financial disclosures.