Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
‘Somebody Is Lying’—Celsius’ Alex Mashinsky Comment Returns as He Admits to Fraud

‘Somebody Is Lying’—Celsius’ Alex Mashinsky Comment Returns as He Admits to Fraud

CCNCCN2024/12/03 16:00
By:CCN
Key Takeaways
  • Alex Mashinsky, former boss of bankrupt crypto platform Celsius, has pleaded guilty to two counts of fraud.
  • Financial author and journalist Zeke Faux took to X to share a damning comment the crypto boss once said to him.
  • The comment has become a snapshot in crypto history, highlighting the lack of trust between execs and their customers.

Celsius Network’s former CEO Alex Mashinsky has had his iconically delusional quote, “Somebody is lying,” thrown back in his face by financial author Zeke Faux as the crypto boss pleaded guilty to fraud.

Mashinsky pleaded guilty to two counts of fraud on Tuesday, admitting that he had previously misled customers on the value of the company’s proprietary token and the health of his company.

You May Also Like
  • Crypto FTX Reorganization Plan Approved: Here’s When Creditors Will Be Paid
  • Crypto FTX Sentencing Expectations: How Long Will Ryan Salame and Others Face?
  • Crypto Crypto Hacks 2024: Full List of Scams, Exploits and Vulnerabilities Including MetaWin, M2 Exchange, & Radiant Capital

Mashinsky Pleads Guilty

Mashinsky, 59, was arrested and charged last year over allegations of manipulating the price of his platform’s CEL token, which resulted in him netting $42 million in personal profits, Bloomberg reported .

“I knew what I did was wrong, and I want to do whatever I can to make it right,” Mashinsky told U.S. District Judge John Koeltl.

“I accept full responsibility for my actions,” he added.

The former crypto boss has pleaded guilty to just two of the five counts against him, with the most serious charge carrying up to 20 years in prison.

Prosecutors alleged that Mashinsky made several untrue remarks about his company’s overall health in online videos despite knowing the market was crashing.

Mashinsky admitted to making statements that gave consumers “false comfort” about the earn program that urged customers to exchange Bitcoin for Celsisus’s CEL tokens.

“I gave an interview in which I suggested that Celsius had received approval from regulators even though that was not true,” he said.

“Somebody Is Lying”

Faux took to X on Tuesday, Dec. 3, to share a now-damning comment the crypto boss once said to him.

The journalist and author, who spent time with Mashinsky for his globe-spanning investigative book “Number Go Up,” said Mashinsky told him in 2022: “Somebody is lying. Either the bank is lying, or Celsius is lying.”

Since Faux published the incredibly ironic comment, it has become a poignant illustration of the fragility of trust within the crypto industry.

Although the book focused mainly on the wrongdoings of FTX’s Sam Bankman-Fried, Faux has also been a major critic of Mashinsky and the crypto industry as a whole.

Talking to Current Affairs magazine in 2023, Faux said: “When [Mashinsky] explained his business plan to me, I thought it was the dumbest plan I ever heard.”

The author and journalist told the magazine that Celsius sounded like a “backward bank that’s made to lose money or a Ponzi scheme.”

“[Faux’s] explanations never really made sense,” he said.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04