Mashinsky, 57, fraudulently promoted Celsius as a safe alternative to banks, while concealing that it was losing hundreds of millions of dollars in risky investments, according to a lawsuit filed on Thursday by New York Attorney General Letitia James.
Mashinsky, a native of Ukraine whose family emigrated to Israel, decided to move to New York after he took a trip to the city in 1988, he told a Forbes podcast.Since then, he has founded eight companies, including Arbinet, which went public in 2004, and Transit Wireless, which provides WiFi to the New York City subway.
In his teens, Mashinsky bought confiscated goods like hair dryers and VCRs from customs auctions at Israel’s Ben Gurion Airport and resold them for a profit, according to a 1999 article in the defunct tech publication Industry Standard. Mashinsky has raised over $1.5 billion for various ventures that generated more than $3 billion when he and other investors cashed out of them, according to his website, which also says he holds more than 50 patents.In hundreds of interviews, blog posts and livestreams as the public face of Celsius, Mashinsky promised its customers that they would receive high returns if they deposited digital assets on his platform, with minimal risk, according to the New York AG’s lawsuit.
RichmanMartin Another crypto fraud. Not surprising.
Make the trading of cryptomarket illegal!
Entire industry is a scam. .
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