Cryptocurrency
99Celsius Founder Alex Mashinsky Sentenced to 12 Years for Multi-Billion-Dollar Crypto Fraud
Alex Mashinsky, founder and former CEO of Celsius Network, was sentenced to 12 years in federal prison for a multi-billion-dollar fraud scheme misleading retail investors. U.S. District Judge John Koeltl sentenced him on May 9, 2025, following his December 2024 guilty plea to securities and commodities fraud. Mashinsky misrepresented Celsius's financial health and regulatory status, profiting $48 million from inflated CEL token sales. The case is a significant conviction from the 2022 cryptocurrency market collapse. Co-conspirator Roni Cohen-Pavon also pleaded guilty and cooperated with prosecutors.
90Ethereum's Pectra Upgrade Spurs Volatility Surge: Over 38,000 ETH Burned, Altcoin Market Booms with PEPE Frenzy
Ethereum's Pectra upgrade on May 7, 2025, has made ETH deflationary, burning over 38,000 ETH in 24 hours and increasing on-chain activity. This has widened the volatility gap between Ether and Bitcoin, with traders anticipating further ETH price movements. The altcoin market is also active, led by memecoin PEPE, which surpassed Dogecoin in trading volume and rose 35% in price, indicating renewed investor interest.
72German Authorities Dismantle Crypto Exchange eXch in €34M Seizure Linked to Bybit Hack and Other Cyber Crimes
On April 30, 2025, German authorities, including the Frankfurt Public Prosecutor’s Office and the BKA, shut down the cryptocurrency exchange eXch, seizing €34 million in digital assets and over eight terabytes of data. Operating since 2014, eXch is suspected of laundering over $1.9 billion, including funds from the $1.5 billion Bybit hack and the $243 million Genesis theft. The platform's lack of AML and KYC protocols made it attractive for illicit activities. This operation is one of Germany’s largest actions against crypto-related financial crime.