Celsius’ CEO publisher cancels his ‘Mashinsky Method’ book
Alex Mashinsky’s planned book on financial literacy has been shelved. The publisher is currently working to remove all references from the internet following the Celsius mismanagement causing its filing for bankruptcy in 2022.
The former CEO and founder of the defunct crypto lender Celsius, Alex Mashinsky, was set to publish a book but was yanked before they could ever place it on the market. The publisher is now working to “erase all traces of it online.”
The anticipated book on financial literacy by Mashinsky had a potential June release date. It was titled “The Mashinsky Method: The Decentralized Path to Financial Freedom.” Still, it is not going to hit the markets now.
According to a description on Amazon, it would impart his “7-step strategy” on “how to secure your assets and how to earn compounding profit using stablecoins and other altcoins such as bitcoin.” Notably, the book cost was $46.25 (USD 32) by one Australian bookseller.
Wiley, the book’s publisher, reaffirmed in a tweet on Feb. 6 that the book “has been canceled” after a Twitter user discovered a listing for the ostensibly upcoming book.
Wiley continued, “It can be difficult to delete all online references to a canceled book completely.” He claimed to be working with merchants to alter their records to reflect the book’s cancellation of publication.
Legal action against Mashinsky ongoing
Since the Celsius fiasco, there has been mistrust in the crypto world surrounding the book’s publication. The Wiley tweet has ended this type of speculation.
Currently, the New York Attorney General’s office is suing Mashinsky, saying that the former CEO scammed investors of billions of dollars worth of crypto. The prosecutors revealed the case on Jan. 5.
Tge lawsuit claims that his conduct before Celsius filed for bankruptcy caused investor losses because he misrepresented Celsius’ financial situation and disregarded legal regulations. In July 2022, the digital lender filed for Chapter 11 bankruptcy, and over 600,000 users have their virtual currency frozen in Celsius accounts.
Mashinsky reportedly withdrew $10 million from the platform only a few weeks before the company froze customer cash and filed for bankruptcy, raising doubts about whether Mashinsky was aware the company would be freezing funds and declaring bankruptcy.
A bankruptcy court-appointed evaluator concluded in a 470-page study on January 31 that the platform exploited user funds in a highly Ponzi-like approach. The examiner also noted Mashinsky’s unsuccessful attempt to utilize the personal influence of the price of the platform’s native CEL token; as a result, Celsius had to use client crypto to finance its CEL buybacks since it was not making enough profit.