Alex Mashinsky, the founder of the failed cryptocurrency company Celsius Network, pleaded guilty to two fraud charges.

Prosecutors in Manhattan claim Mashinsky misled Celsius customers and manipulated the value of the CEL token.

They allege he gained about US$42 million from its sale.

Mashinsky was initially indicted on July 13, 2023, on seven charges, including market manipulation and conspiracy.

During a hearing, Mashinsky informed US District Judge John Koeltl of his decision to plead guilty.

Previously, he pleaded not guilty to all charges in July and attempted to dismiss two counts, which failed in November.