Former crypto executive Alex Mashinsky faces up to $35 million in payments and a lifetime ban from the crypto industry. ⚖️
Key details:
• Up to $25M tied to the forfeiture of alleged ill-gotten gains
• An additional $10M if he fails to serve his full prison sentence
• Permanently barred from the securities, commodities and crypto industries
• Already serving a 12-year prison sentence for fraud
The crypto lending platform he led froze customer withdrawals in June 2022 before filing for bankruptcy.
Customers and creditors have received over $3.4B through bankruptcy proceedings as of August.
A reminder that transparency and accountability matter in crypto.
#dyor #NFA✅
Key details:
• Up to $25M tied to the forfeiture of alleged ill-gotten gains
• An additional $10M if he fails to serve his full prison sentence
• Permanently barred from the securities, commodities and crypto industries
• Already serving a 12-year prison sentence for fraud
The crypto lending platform he led froze customer withdrawals in June 2022 before filing for bankruptcy.
Customers and creditors have received over $3.4B through bankruptcy proceedings as of August.
A reminder that transparency and accountability matter in crypto.
#dyor #NFA✅