New York Attorney General Letitia James has secured a settlement with former Celsius Network CEO Alex Mashinsky requiring up to $35 million in payments to the state and a permanent ban from trading securities or crypto. Mashinsky is already serving a 12-year prison sentence handed down in May 2025 for fraud, and faces additional federal forfeiture orders exceeding $48 million. The New York settlement consists of $25 million in damages and a $10 million monetary judgment that could be reduced by his federal obligations. More than 26,000 New York investors were defrauded, and customer losses from Celsius’s July 2022 bankruptcy exceeded $4.7 billion. The settlement represents one of the final open legal threads from one of crypto’s most damaging collapses.
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