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- Celsius’ Former CEO Alex Mashinsky to Plead Guilty in Fraud Case
Celsius’ Former CEO Alex Mashinsky to Plead Guilty in Fraud Case
News on the Blockchain
December 04, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 764
Market Cap: $3.57T (+3.05%)
24h Volume: $292.24B (+11.13%)
Bitcoin Dominance: 53.75%
Ethereum Dominance: 12.6%
ETH Gas Price: 20.86 Gwei
Fear & Greed Index: 80 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin | $96,758.86 | +1.43% | $1.91T | $69.23B |
Ethereum | $3,734.17 | +3.28% | $449.75B | $43.71B |
Tether | $1.00 | +0.05% | $135.08B | $234.66B |
BNB | $791.07 | +21.36% | $113.92B | $6.09B |
Solana | $236.61 | +4.80% | $112.45B | $8.53B |
💹 Market Highlights:
Total DeFi Volume: $31.03B (10.62% of total market)
Stablecoins Volume: $258.87B (88.58% of total market)
Coin with highest % change: ARTY (+79.03%)
📈 Preview On Today’s News:
- Celsius’ Former CEO Alex Mashinsky to Plead Guilty in Fraud Case
- Virgin Voyages Pioneers Bitcoin Payments in the Cruise Industry
- Foundry Restructures Amid Industry Shifts, Laying Off 27% of Workforce
Keep reading for more!
Today’s News:
1)
Celsius’ Former CEO Alex Mashinsky to Plead Guilty in Fraud Case
Alex Mashinsky, the founder and former CEO of Celsius Network, is set to plead guilty to two fraud charges after being indicted in 2023 on seven criminal counts, including fraud, conspiracy, and market manipulation. Federal prosecutors accuse Mashinsky of misleading Celsius customers by using their investments to enhance both the company’s value and its native cryptocurrency. This development follows a denied motion to dismiss charges and occurs during a period of recovery in the crypto market, which has seen significant milestones such as the approval of crypto-based ETFs and Bitcoin approaching a six-figure high. Despite the industry's resurgence and a pro-crypto administration under Donald Trump's 2024 election win, it continues to grapple with the repercussions of past fraudulent activities and major bankruptcies, including Celsius filing for Chapter 11 in 2022.
Guilty Plea: Alex Mashinsky, former CEO of Celsius Network, is pleading guilty to two fraud charges involving the misuse of customer investments to manipulate the company’s value and its cryptocurrency.
Crypto Market Context: This legal action takes place amid a recovering crypto market marked by the approval of crypto-based ETFs and Bitcoin nearing a six-figure high, despite ongoing challenges from previous industry bankruptcies and fraudulent activities.
2)
Virgin Voyages Pioneers Bitcoin Payments in the Cruise Industry
Virgin Voyages has made a groundbreaking move by becoming the first cruise line to accept Bitcoin for payments, marking a significant advancement in the cryptocurrency sector. Announced on December 3, 2024, the company has updated its website to allow customers to purchase its newly launched Annual Pass using Bitcoin. Priced at $120,000, the pass secures a spot on a sea terrace and is valid for an entire year, offering exclusive perks to holders. Founded by entrepreneur Sir Richard Branson, this initiative reflects Virgin Voyages' commitment to embracing innovative financial technologies. This development comes amid a year of significant milestones for Bitcoin, including the first crypto-based ETF approval by the US SEC and ongoing record high prices. With favorable regulatory prospects and increasing adoption, more companies are expected to follow suit in integrating cryptocurrencies as payment options.
First in the Industry: Virgin Voyages becomes the first cruise line to accept Bitcoin, allowing customers to purchase the $120,000 Annual Pass using the cryptocurrency.
Significant Crypto Milestones: This move aligns with 2024's major Bitcoin achievements, including the first US crypto-based ETF and record high prices, signaling broader adoption across various sectors.
3)
Foundry Restructures Amid Industry Shifts, Laying Off 27% of Workforce
Foundry, the world's largest Bitcoin mining pool controlling approximately one-third of the market share, has initiated a major restructuring that includes laying off 27% of its staff in the United States and India. This decision, driven by its parent company Digital Currency Group (DCG), aims to focus Foundry on its core operations and spin off its successful self-mining business into a separate, wholly-owned subsidiary expected to generate nearly $80 million in sales for 2024. The restructuring reflects broader industry trends where Bitcoin miners are cutting costs and embracing artificial intelligence to navigate the challenges posed by the network’s April halving, which has increased mining difficulty and costs. Despite the layoffs, Foundry remains a dominant player in the Bitcoin mining sector and continues to invest in expanding its site operations.
Strategic Restructuring: Foundry is reducing its workforce by 27% to concentrate on its primary Bitcoin mining operations and to spin off its self-mining business as a separate entity under DCG, projected to earn $80 million in 2024.
Industry Adaptation: The layoffs are part of a larger trend in the Bitcoin mining industry where companies are cutting costs and adopting AI technologies to address increased mining difficulties and the impacts of the April network halving.
