The founder and CEO of crypto company Celsius, Israeli-American entrepreneur Alex Mashinsky, has been permanently banned from the capital and crypto markets and will be subject to conditional fines of up to $35 million if he does not serve his full prison sentence or does not complete an additional federal forfeiture. This was announced by New York Attorney General Letitia James, following a lawsuit she filed against him in 2023 for defrauding investors of billions of dollars. Mashinsky is currently serving a 12-year prison sentence following a conviction in a parallel federal criminal trial, in which over $48 million has already been forfeited from him. Attorney General James said they "blocked him from the industry so he cannot exploit investors again."