New York attorney general permanently bans Celsius co-founder Alex Mashinsky from crypto sector, secures up to $35 million settlement

New York Attorney General Letitia James has announced a settlement with Alex Mashinsky, co-founder and former CEO of Celsius Network, which permanently prohibits him from participating in the securities, commodities, and cryptocurrency industries. The agreement sets out that up to $35 million will be obtained from Mashinsky if he does not fulfill certain legal and financial obligations. According to the attorney general’s office, Mashinsky is required to pay New York $25 million should he fail to forfeit $10 million of illicit gains to the federal government, in addition to assets already surrendered.

Source: CoinTurk News