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Alex Mashinsky Tries to Tie Celsius Collapse to FTX Despite CEL Manipulation Guilty Plea

Alex Mashinsky Tries to Tie Celsius Collapse to FTX Despite CEL Manipulation Guilty Plea

According to the new filing, Alex Mashinsky is seeking to void his 12-year sentence while alleging Sam Bankman-Fried tried to damage Celsius and manipulate CEL, adding new claims and messages to his defense effort.

Fact Check
Both Cointelegraph and crypto.news confirm Mashinsky's new motion blames FTX/SBF for CEL manipulation and Celsius's collapse, while acknowledging his 2025 guilty plea to fraud and CEL manipulation. The underlying court filing (Doc. 189 in 1:23-cr-00347-JGK) is on the SDNY docket via CourtListener. The headline accurately characterizes the contradiction between his current FTX-blaming argument and his prior admission of CEL manipulation.
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Summary

Alex Mashinsky has asked a New York court to void his 12-year sentence for fraud and market manipulation, adding claims that former FTX CEO Sam Bankman-Fried sought to destroy Celsius and manipulate the market for CEL. The filing introduces a more specific allegation against Bankman-Fried than earlier reports and also includes text messages involving former Celsius CRO Roni Cohen-Pavon. The new claims come despite Mashinsky’s prior guilty plea tied to manipulation of CEL, Celsius’ native token. He had previously challenged the case on procedural grounds including ineffective assistance of counsel and arguments over disputed evidence, while also facing $48 million in forfeiture and a $10 million civil settlement.

Terms & Concepts
  • CEL: The native token of Celsius, which is central to allegations about market manipulation involving the failed crypto lender.
  • market manipulation: Conduct intended to distort an asset’s price or trading activity, often by misleading investors or artificially influencing the market.
  • CRO: Chief Revenue Officer, an executive role focused on revenue generation; the filing references former Celsius CRO Roni Cohen-Pavon.