Celsius Founders Hit with $16.5M Fine Over False Withdrawal Reassurances

The US Federal Trade Commission has ordered Celsius cryptocurrency platform founders Alexander Mashinsky, Shlomi Daniel Leon, and Hanoch 'Nuke' Goldstein to pay a total of $16.5 million.

The order is in response to charges that the three executives deceived Celsius users by falsely promising they could withdraw their deposits at any time and that their deposits were safe and insured.

The FTC stated that Mashinsky, Leon, and Goldstein made these false promises to reassure investors after a withdrawal freeze was imposed on the platform in June 2022.