Alex Mashinsky, CEO of Celsius Network

Mashinsky developed GroundLink in 2004 as a business enabling users to schedule on-demand limousine and automobile services from their computer or smartphone. He also founded Q-Wireless, which was ultimately acquired by Transit Wireless. Mashinsky was the CEO of Novatel from 2014 to 2015 and is presently the CEO of Celsius Network, an Ethereum-based lending platform that uses blockchain technology to function.

2023

In July 2022, the cryptocurrency deposit and loan platform Celsius declared bankruptcy by voluntarily entering into the so-called Chapter 11, a corporate restructuring procedure that is used when a US company becomes insolvent.

Due to the “bank run” that followed the collapses of 3AC and Voyager Digital, withdrawals of all cryptocurrency deposits made on the platform were halted just before to the company’s declaration of bankruptcy. As is customary, all internal assets of a US corporation filing for bankruptcy under Chapter 11 are released and transferred to an organization responsible for determining the best course of action for debtor liquidation.

Alex Mashinsky was detained as federal agents sued Celsius in civil court. The person in question is accused by the US Department of Justice of planning a multi-year fraudulent conspiracy to deceive its clients. Mashinsky was accused for seven distinct offenses, including conspiracy to manipulate the market price of the CEL token, securities fraud, commodities fraud, and wire fraud.

2022

Mashinsky claimed in a Kitco News interview that as the money supply expands and fiat debasement accelerates, fiscal and monetary policies in the United States will support Bitcoin and gold in 2022. He also stated that Bitcoin could reach a new high of more than $140,000 on April 15, 2022. Furthermore, he stated that the new price could reach $160,000, creating a selling environment as investors look to cash in.

On the other hand, he predicted that selling pressure would lead to a drop in the second quarter of the following year, resulting in a correction that could end at $80,000. According to Mashinsky, the Federal Reserve Bank’s efforts to combat inflation and wind down asset purchases may cause Bitcoin and gold to fall first before recovering.

Finally, Mashinsky is expected to be as proactive and optimistic about Bitcoin price predictions in 2022. Under his leadership, it’s reasonable to expect Celsius to continue expanding its offerings through partnerships and new products, though compliance could be a challenge.

Latest news about Alex Mashinsky

• Celsius Network and former CEO Alex Mashinsky have been found to have violated US rules by the Commodity Futures Trading Commission (CFTC). The CFTC could file a case in federal court if the majority of commissioners agree. Celsius Network faced legal action after the collapse of Terra’s algorithmic stablecoin UST and a downturn in the crypto market. The agency has pursued over 85 digital asset market cases, resulting in over $4 billion in penalties and restitution.
• Celsius has voted in favor of a reorganization plan, offering a return of 67%-85% of holdings to creditors. The plan includes the sale of assets to the crypto consortium Holdings, which won a bid to acquire Celsius in May 2023. Despite facing allegations, Celsius has committed to reorganization plans.