Founders of Celsius Network Ordered to Pay $16.5 Million to Resolve FTC Charges

Alexander Mashinsky, the former CEO of cryptocurrency platform Celsius Network Inc. (Celsius), and his business partners, Shlomi Daniel Leon and Hanoch “Nuke” Goldstein, will pay a total of $16.5 million to resolve the Federal Trade Commission’s charges that they deceived users by falsely promising that deposits made to their cryptocurrency platform would be safe and always available. Mashinsky and Leon have also agreed to a ban on marketing or selling products or services that can be used to deposit, exchange, invest or withdraw assets. ## About Consumer Protection Cases Consumer Protection class actions cover cases where companies allegedly sold defective products or failed to issue adequate recalls. **Source:** [FTC Consumer Protection](https://www.ftc.gov/feeds/press-release-consumer-protection.xml)