Former head of crypto platform Celsius sentenced 12 years
Mashinsky pleaded guilty last December to securities fraud in a deal that reduced the level of charges he faced.
The sentence comes down nearly three years after the startup's collapse as a cryptocurrency platform, which offered customers the ability to invest in digital currencies, including its own coin, CEL.
According to the indictment, Celsius executives took more than $4 billion in customers' assets to finance the platform's operations, make unsecured loans and invest in high-risk items.
Mashinsky was also accused of manipulating the price of CEL by using customers' funds to purchase the currency, artificially inflating its price.
At its peak in late 2021, Celsius had more than one million clients and held more than $25 billion in assets.
But the company hit hard times in the spring of 2022 as the value of cryptocurrencies plummeted.
Facing deep customer withdrawals, Celsius on June 12, 2022 froze over $4.7 billion in customer accounts before filing for bankruptcy protection a month later.
A progress report published in March found that 93 percent of the frozen assets had been recovered and returned to former Celsius customers.
The 2022 cryptocurrency collapse affected a number of other startups in the field, including FTX, the second-largest crypto exchange that filed for bankruptcy in November 2022.
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Daily Maverick
01-08-2025
- Daily Maverick
South Korea's ex-leader Yoon lay on floor of cell and refused to be questioned, prosecutors say
Yoon was removed from office in April by the Constitutional Court over his botched attempt last year to declare martial law and is now being investigated by a special prosecution team formed under new President Lee Jae Myung. Prosecutors investigating influence-peddling allegations connected to Yoon and his wife had tried to get him to comply with an arrest warrant and attend questioning voluntarily, a spokesperson for the special prosecution said. 'But the suspect stubbornly refused to do so, while lying on the ground, not dressed in a prison uniform,' Oh Jung-hee told a news briefing. She said investigators would try again to bring him in, even if they had to use force. Yoon was dressed only in his undershirt and underwear when prosecutors came to his cell, the Yonhap News Agency reported, citing the special prosecution. Yu Jeong-hwa, one of Yoon's lawyers, told Reuters that bringing up what he was wearing in a small space where the temperature was close to 40 degrees Celsius (104°F) was a public insult to his dignity and showed how the state was violating inmates' human rights. The former president was put back in a solitary cell at the Seoul Detention Center in July, as prosecutors investigating his short-lived declaration of martial law in December sought additional charges against him. Yoon is already on trial for insurrection, a charge which is punishable by death or life imprisonment. He also faces a string of other investigations led by special prosecutors including one into scandals surrounding his wife, former First Lady Kim Keon Hee, where the couple allegedly exerted inappropriate influence over elections. Yoon has denied any wrongdoing and his lawyers have accused prosecutors of conducting a politically-motivated witch hunt. The former president has repeatedly rejected requests by prosecutors to appear for questioning, citing health issues. His lawyers said on Thursday that he was unwell due to preexisting conditions, including a condition that meant there was a risk of him losing his eyesight. In a reference to Yoon's position as a former top prosecutor, Oh, the spokesperson for the special prosecution, said the case was being closely scrutinised by the public. 'The suspect has consistently highlighted the importance of laws, principles, fairness and common sense and through this case people are watching if the law applies equally to everyone,' Oh said. Separately, investigators requested that Yoon's wife Kim, who has also denied any wrongdoing, attend questioning on August 6. Kim's lawyers have said she would cooperate with the investigation.
The Citizen
17-07-2025
- The Citizen
24 hours in pictures, 17 July 2025
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IOL News
08-07-2025
- IOL News
Rheinmetall Denel faces scrutiny over allegations of arms use in Sudan conflict
All Rheinmetall high-explosive HV and MV cartridges can be equipped with a unique, jamming-proof, affordable airburst time-delay capability. The high explosive cartridges meet the environmental specifications for helicopter and propeller vibration, long-term storage, etc, while the fuse complies with STANAG 4187 safety requirements. Equipped with an electronic self-destruct mechanism and an enhanced point detonation function, the HE cartridges remain reliable at temperatures ranging from -46 degrees Celsius to 63 degrees Celsius. Image: Supplied THE company Rheinmetall Denel Munition (RDM) — an arms manufacturer operating in South Africa — has once again come under the spotlight following claims that its products may have been used in the ongoing war in Sudan. Last week, the pro-army Sudanese outlet Sudanese Military Capabilities platform accused the Rapid Support Forces (RSF) militia of using 40mm phosphorus grenades during battles in Khartoum. Investigators from the Sudanese platform claim to have traced the PHOS M8931 grenades to production lines operated by American Rheinmetall Munitions (ARM) in the United States and Rheinmetall Denel Munition in South Africa. The PHOS M8931 grenades in question are promoted internationally as 'smoke' and obscurant munitions, designed for signaling or cover on the battlefield. However, experts have long noted that phosphorus-based rounds can double as incendiary devices under certain conditions, particularly when combined with thermal detonators. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The Sudanese Military Capabilities report alleges that such grenades were used in densely populated urban areas of Khartoum, contributing to fires during recent clashes. Sudan's Attorney General had previously accused RSF units of deploying prohibited weapons such as white phosphorus, which is restricted under international law, although definitive proof remains a subject of ongoing debate. The Sudanese Military Capabilities platform has called for an international investigation into the matter. Critics argue that loopholes in international arms regulations, particularly the classification of phosphorus rounds as 'smoke' munitions, allow companies to bypass restrictions on incendiary weapons. Rheinmetall has faced similar scrutiny in the past, with its products reportedly surfacing in conflict zones such as Yemen and Myanmar. Over the past few years South African courts temporarily blocked arms sales to Myanmar's military regime and Saudi Arabia following reports of human rights abuses linked to imported weaponry. In South Africa itself, a wave of public debate has emerged around Rheinmetall Denel's activities.
