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Do Kwon, co-founder of Terraform Labs, pleaded not guilty to U.S. fraud charges linked to the $40 billion collapse of TerraUSD, affecting over a million victims. Extradited from Montenegro, he faces nine felony charges and remains in detention as the case highlights the need for accountability in the cryptocurrency sector. Following a separate SEC civil case, Kwon and Terraform were ordered to pay $4.5 billion in penalties, further complicating the legal landscape for crypto leaders.
Roni Cohen-Pavon's sentencing has been postponed following Alex Mashinsky's plea deal with prosecutors, with a new date set for April 18, 2025. Cohen-Pavon, who pleaded guilty to multiple felony charges, may provide information relevant to Mashinsky's sentencing, where he faces up to 30 years in prison. Both were indicted for misleading Celsius users and profiting from price manipulation amid the platform's bankruptcy.
The recent surge in Bitcoin prices, surpassing $100,000, has revitalized the struggling crypto lending sector, particularly in decentralized finance (DeFi). Demand for Bitcoin-backed loans has surged, with lending activity tripling in early 2024 compared to the previous year, although it remains below 2021 levels. Despite the recovery, caution persists among lenders due to past failures and regulatory uncertainties, with institutional players adopting a more conservative approach.
Alex Mashinsky, founder of the bankrupt crypto lender Celsius, pleaded guilty to two counts of fraud, admitting to misleading customers about the use of their funds and manipulating a crypto token for personal gain. He faces a maximum sentence of 30 years in prison and has agreed to forfeit $48 million. Celsius, which once held $25 billion in assets, collapsed following the Terra Luna stablecoin failure, leading to a bankruptcy that trapped $4.7 billion of customer funds.
Alex Mashinsky
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