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Time of India
5 days ago
- Climate
- Time of India
Get ready for several years of killer heat, top weather forecasters warn
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Get ready for several years of even more record-breaking heat that pushes Earth to more deadly, fiery and uncomfortable extremes, two of the world's top weather agencies forecast. There's an 80 per cent chance the world will break another annual temperature record in the next five years, and it's even more probable that the world will again exceed the international temperature threshold set 10 years ago, according to a five-year forecast released Wednesday by the World Meteorological Organisation and the UK Meteorological Office."Higher global mean temperatures may sound abstract, but it translates in real life to a higher chance of extreme weather: stronger hurricanes, stronger precipitation, droughts," said Cornell University climate scientist Natalie Mahowald, who wasn't part of the calculations but said they made sense. "So higher global mean temperatures translates to more lives lost."With every tenth of a degree the world warms from human-caused climate change "we will experience higher frequency and more extreme events (particularly heat waves but also droughts, floods, fires and human-reinforced hurricanes/typhoons)," emailed Johan Rockstrom, director of the Potsdam Institute for Climate Impact Research in Germany. He was not part of the for the first time there's a chance - albeit slight - that before the end of the decade, the world's annual temperature will shoot past the Paris climate accord goal of limiting warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) and hit a more alarming 2 degrees Celsius (3.6 degrees Fahrenheit) of heating since the mid-1800s, the two agencies an 86 per cent chance that one of the next five years will pass 1.5 degrees and a 70 per cent chance that the five years as a whole will average more than that global milestone, they projections come from more than 200 forecasts using computer simulations run by 10 global centres of years ago, the same teams figured there was a similar remote chance - about 1 per cent - that one of the upcoming years would exceed that critical 1.5 degree threshold and then it happened last year. This year, a 2-degree Celsius above pre-industrial year enters the equation in a similar manner, something UK Met Office longer term predictions chief Adam Scaife and science scientist Leon Hermanson called "shocking.""It's not something anyone wants to see, but that's what the science is telling us," Hermanson said. Two degrees of warming is the secondary threshold, the one considered less likely to break, set by the 2015 Paris agreement Technically, even though 2024 was 1.5 degrees Celsius warmer than pre-industrial times, the Paris climate agreement's threshold is for a 20-year time period, so it has not been exceeded. Factoring in the past 10 years and forecasting the next 10 years, the world is now probably about 1.4 degrees Celsius (2.5 degrees Fahrenheit) hotter since the mid 1800s, World Meteorological Organisation climate services director Chris Hewitt estimated."With the next five years forecast to be more than 1.5C warmer than preindustrial levels on average, this will put more people than ever at risk of severe heat waves, bringing more deaths and severe health impacts unless people can be better protected from the effects of heat. Also we can expect more severe wildfires as the hotter atmosphere dries out the landscape," said Richard Betts, head of climate impacts research at the UK Met Office and a professor at the University of in the Arctic - which will continue to warm 3.5 times faster than the rest of the world - will melt and seas will rise faster, Hewitt tends to happen is that global temperatures rise like riding on an escalator, with temporary and natural El Nino weather cycles acting like jumps up or down on that escalator, scientists said. But lately, after each jump from an El Nino, which adds warming to the globe, the planet doesn't go back down much, if at all. Record temperatures immediately become the new normal," said Stanford University climate scientist Rob Jackson.
Yahoo
09-05-2025
- Business
- Yahoo
Celsius founder sentenced to 12 years in prison
The founder of cryptocurrency lender Celsius Network was sentenced to 12 years in prison on Thursday. Alex Mashinsky, the company's former CEO, pleaded guilty to securities fraud and commodities fraud in December. Federal prosecutors said Mashinsky artificially boosted the value of Celsius' Cel token and profited more than $48 million as a result. Prosecutors led by U.S. Attorney Jay Clayton also said Mashinsky misled customers about Celsius' safety. 'The case for tokenization and the use of digital assets is strong but it is not a license to deceive,' Clayton, who is based in Manhattan, said in a statement. The sentence includes three years of supervised release and forfeiture of the $48.4 million he made while leading the company. The prosecution had sought a sentence of at least 20 years for Mashinsky, 59, saying it would be 'just punishment' for the billions of dollars in losses he caused for thousands of people. The founder pushed for a one year and one day term, saying he was remorseful. The Hoboken, New Jersey-based Celsius had offered customers as much as 17% interest on some deposits, but as crypto prices plummeted in the summer of 2022, customers rushed to withdraw their cash. Celsius had a $1.19 billion balance sheet deficit when it sought Chapter 11 bankruptcy protection in July of that year. The 12-year sentence is one of the longest to arise from the 2022 crypto market meltdown that stemmed from the collapse of the crypto exchange FTX. That company's founder, Sam Bankman-Fried, is serving a 25-year sentence for fraud. He's currently appealing his conviction. In addition to the criminal trial, Mashinsky has had civil lawsuits filed against him by the Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Trade Commission, and New York Attorney General Letitia James. For the latest news, Facebook, Twitter and Instagram.
Yahoo
09-05-2025
- Business
- Yahoo
Celsius founder Alex Mashinsky gets 12 years prison for crypto fraud
By Jonathan Stempel NEW YORK (Reuters) - Alex Mashinsky, the founder and former chief executive of bankruptcy cryptocurrency lender Celsius Network, was sentenced on Thursday to 12 years in prison after pleading guilty in December to securities fraud and commodities fraud. Mashinsky's sentence was imposed by U.S. District Judge John Koeltl in Manhattan, and is among the longest in a criminal case arising from the 2022 meltdown in cryptocurrency markets. Sam Bankman-Fried, who led the FTX exchange, is serving a 25-year prison sentence after being convicted of fraud. He is appealing. Federal prosecutors said Mashinsky, 59, misled customers about Celsius' safety, and artificially inflated the value of Celsius' proprietary token Cel. They sought a prison term of at least 20 years, calling it "just punishment" for Mashinsky's having victimized thousands of people and caused billions of dollars in losses, while drawing more than $48 million of personal benefits. "The case for tokenization and the use of digital assets is strong but it is not a license to deceive," U.S. Attorney Jay Clayton in Manhattan said in a statement. Mashinsky sought one year and one day in prison, saying he felt remorse and wanted to do right by his family and former Celsius customers. His sentence includes three years of supervised release and a $48.4 million forfeiture. Lawyers for Mashinsky were not immediately available to comment. Founded in 2017, Hoboken, New Jersey-based Celsius filed for Chapter 11 bankruptcy in July 2022 after customers rushed to withdraw deposits as cryptocurrency prices fell. Born in Ukraine, Mashinsky emigrated with his family to Israel, and moved to New York after visiting the city in 1988. Cryptocurrency lenders have promised easy loan access and high interest rates to depositors while lending tokens to institutional investors, hoping to profit from the difference. Celsius offered 17% interest on some deposits, but had a $1.19 billion balance sheet deficit when it sought bankruptcy protection. Mashinsky has also faced civil lawsuits by the U.S. Securities and Exchange Commission, U.S. Commodity Futures Trading Commission, U.S. Federal Trade Commission and New York Attorney General Letitia James.
New York Post
08-05-2025
- Business
- New York Post
Crypto mogul Alex Mashinsky sentenced to 12 years in prison over billion dollar Celsius fraud
Alex Mashinsky, the founder and former chief executive of bankruptcy cryptocurrency lender Celsius Network, was sentenced on Thursday to 12 years in prison after pleading guilty in December to securities fraud and commodities fraud. Mashinsky's sentence was imposed by US District Judge John Koeltl in Manhattan, and is among the longest in a criminal case arising from the 2022 meltdown in cryptocurrency markets. Sam Bankman-Fried, who led the FTX exchange, is serving a 25-year prison sentence after being convicted of fraud. He is appealing. Advertisement Celsius founder Alex Mashinsky, 59, was sentenced to 12 years in prison Thursday. Sportsfile for Web Summit via Getty Images Federal prosecutors said Mashinsky, 59, misled customers about Celsius' safety, and artificially inflated the value of Celsius' proprietary token Cel. They sought a prison term of at least 20 years, calling it 'just punishment' for Mashinsky's having victimized thousands of people and caused billions of dollars in losses, while drawing more than $48 million of personal benefits. Advertisement 'The case for tokenization and the use of digital assets is strong but it is not a license to deceive,' US Attorney Jay Clayton in Manhattan said in a statement. Mashinsky sought one year and one day in prison, saying he felt remorse and wanted to do right by his family and former Celsius customers. His sentence includes three years of supervised release and a $48.4 million forfeiture. Lawyers for Mashinsky were not immediately available to comment. Celsius filed for Chapter 11 bankruptcy in 2022 after customers rushed to withdraw deposits as cryptocurrency prices fell. REUTERS Advertisement Founded in 2017, Hoboken, NJ-based Celsius filed for Chapter 11 bankruptcy in July 2022 after customers rushed to withdraw deposits as cryptocurrency prices fell. Born in Ukraine, Mashinsky emigrated with his family to Israel, and moved to New York after visiting the city in 1988. Cryptocurrency lenders have promised easy loan access and high interest rates to depositors while lending tokens to institutional investors, hoping to profit from the difference. Advertisement Celsius offered 17% interest on some deposits, but had a $1.19 billion balance sheet deficit when it sought bankruptcy protection. Mashinsky has also faced civil lawsuits by the Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Trade Commission and New York Attorney General Letitia James.
Yahoo
08-05-2025
- Business
- Yahoo
Celsius founder Alex Mashinsky gets 12 years prison for crypto fraud
By Jonathan Stempel NEW YORK (Reuters) - Alex Mashinsky, the founder and former chief executive of bankruptcy cryptocurrency lender Celsius Network, was sentenced on Thursday to 12 years in prison after pleading guilty in December to securities fraud and commodities fraud. Mashinsky's sentence was imposed by U.S. District Judge John Koeltl in Manhattan, and is among the longest in a criminal case arising from the 2022 meltdown in cryptocurrency markets. Sam Bankman-Fried, who led the FTX exchange, is serving a 25-year prison sentence after being convicted of fraud. He is appealing. Federal prosecutors said Mashinsky, 59, misled customers about Celsius' safety, and artificially inflated the value of Celsius' proprietary token Cel. They sought a prison term of at least 20 years, calling it "just punishment" for Mashinsky's having victimized thousands of people and caused billions of dollars in losses, while drawing more than $48 million of personal benefits. "The case for tokenization and the use of digital assets is strong but it is not a license to deceive," U.S. Attorney Jay Clayton in Manhattan said in a statement. Mashinsky sought one year and one day in prison, saying he felt remorse and wanted to do right by his family and former Celsius customers. His sentence includes three years of supervised release and a $48.4 million forfeiture. Lawyers for Mashinsky were not immediately available to comment. Founded in 2017, Hoboken, New Jersey-based Celsius filed for Chapter 11 bankruptcy in July 2022 after customers rushed to withdraw deposits as cryptocurrency prices fell. Born in Ukraine, Mashinsky emigrated with his family to Israel, and moved to New York after visiting the city in 1988. Cryptocurrency lenders have promised easy loan access and high interest rates to depositors while lending tokens to institutional investors, hoping to profit from the difference. Celsius offered 17% interest on some deposits, but had a $1.19 billion balance sheet deficit when it sought bankruptcy protection. Mashinsky has also faced civil lawsuits by the U.S. Securities and Exchange Commission, U.S. Commodity Futures Trading Commission, U.S. Federal Trade Commission and New York Attorney General Letitia James. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
