'Banks Are Not Your Friends'

This Week In Blunders – May 4-10

Alex Mashinsky, the CEO of Celsius Network, wore a T-shirt that read: “Banks are not your friends.”

Some friend he turned out to be.

The crypto klepto told customers that banks were untrustworthy and greedy. Then he left them financially broken while he walked off with $48 million.

Ukrainian-born Alex Mashinsky boasted that he was a man who came from nothing. Then he left his customers, creditors and investors at Celsius Network with just about he same. (Photo credit: Wikimedia Commons.)

On Thursday, the court sentenced Mashinsky, 59, to 12 years in prison for fraud and market manipulation.

He joins a pantheon of blockchain blockheads sent to cellblocks, including FTX founder Sam Bankman-Fried, Terraform Labs founder Do Kwan, and Binance founder Changpeng Zhao.