Should the Colorful Celsius CEO Be Cellmates With FTX’s CEO?
Why is one CEO being demonized while the other is free to spend the millions he “earned?” Here are my thoughts regarding the two cases.
I’m so glad I never went to law school. The thought didn’t cross my mind, but what a fucked profession. Attornies get a bad reputation, work long hours, and charge people a shit-load of money for their services. It’s like being a white-collar police officer—high stress to do a job that few people appreciate unless it directly impacts them.
Crypto lawyers will have a massive payday from all the industry's corruption. The lack of government oversight in the centralized crypto exchange and lending platform arenas allowed millions of investors to get their funds stolen. And these CEO profiteers responsible for the insane thievery and corruption aren’t held to the same legal standards as ordinary people.
The main man in the media crosshairs is Sam Bankman-Fried (SBF), who went from running a company worth multi-billions of dollars one week to being insolvent and in the hole for billions of dollars the following week. SBF was extradited from the Bahamas to the US and is facing trial. However, he was granted bail and had a lot of freedom because he’s been accused of tampering with FTX funds and communicating with people who may testify against him.
One other CEO that stole billions from its clients is Alex Mashinsky. During his tenure at Celsius, he misappropriated funds from 1.7 million clients. Altogether, Celsius has a $1.2 billion hold in its balance sheets. Meanwhile, Mashinsky enjoys his freedom and can spend the millions of dollars he earned on whatever he pleases.
If you are like me, you are probably wondering, “why does one criminal get off scot-free while the other may be the (deserved) fall man for everything corrupt in crypto?” As stated earlier, I’m not a lawyer, so I can’t provide the legal reasoning for why one is being prosecuted while the other isn’t. However, I can share my suspicions about why one is under the microscope while the other has been given a pass.