Roni Cohen-Pavon, former Chief Revenue Officer of crypto lending platform Celsius, has agreed to return over $1 million to U.S. authorities ahead of his sentencing. According to the U.S. Attorney's Office for the Southern District of New York, this amount covers proceeds obtained from the official's illicit activities. This is reported by Cointelegraph.com reporting .
Cohen-Pavon pleaded guilty in September 2023 to fraud and manipulating the price of the CEL token. Prosecutors requested a review for a lighter sentence, citing his cooperation with the investigation. The former executive acknowledged his mistakes and stated he takes full responsibility for his actions.
The 2022 bankruptcy of the Celsius platform is considered one of the largest crises in the crypto industry. Former CEO Alex Mashinsky was also charged with fraud, facing up to 12 years in prison and agreeing to the forfeiture of over $48 million.
This case continues against the backdrop of proceedings involving FTX founder Sam Bankman-Fried. Bankman-Fried was sentenced to 25 years in prison and ordered to pay over $11 billion in fines. Currently, the judicial system is maintaining strict oversight of major financial crimes in the crypto sector.
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