Alex Mashinsky, former CEO and founder of bankrupt cryptocurrency lender Celsius, has pulled a book he planned to publish before it hit bookstores, and the publisher of the title is trying to “remove all traces of it from the internet.” .
“The Mashinsky Method: The Decentralized Path to Financial Freedom” was the name of an upcoming financial education book by Alex Mashinsky that was tentatively scheduled for publication in June.
He promised to show his “7 step method” on “how to protect your assets and how to create compound return […] Using stablecoins and other cryptocurrencies like Bitcoin”, according to a description on amazon.
An Australian bookstore had the price of the title set at about $32 (A$46.25).
The book’s publisher, Wiley, reconfirmed in a February 6 tweet that the book “had been cancelled” after a Twitter user found a listing for the supposed upcoming book.
This book has been cancelled. Please be aware that once a book is cancelled, removing all traces of it online can be a complex process. We’re continuing to work with retailers and other partners to update their data with correct information.
— Wiley (@WileyGlobal) February 6, 2023
“Once a book is cancelled, removing all traces of it from the Internet can be a complex process,” Wiley added. He said she was working with the retailers to update their data to show that the book would no longer be on sale.
Wiley confirmed for the first time that the book would not be published in a November 2022 tweet. At the time, he said he was working with retailers to update the data.
Cointelegraph has contacted Wiley for information on the cancellation, but has not received an immediate response.
The crypto community had already harbored skepticism regarding the publication of the book since the Celsius debacle. Wiley’s tweet appears to have put an end to these speculations.
Mashinsky is being sued by the New York Attorney General’s office, which announced a lawsuit on Jan. 5 alleging that the former CEO defrauded investors of billions of cryptocurrencies.
He claimed that his actions before Celsius filed for bankruptcy contributed to investors’ losses as it misrepresented Celsius’s financial position and failed to meet regulatory requirements.
The crypto lender filed for Chapter 11 bankruptcy in July 2022 and has around 600,000 users with crypto frozen in Celsius accounts.
Just weeks before the company froze client funds and filed for bankruptcy, Mashinsky allegedly withdrew $10 million from the platform, raising questions about whether the executive knew the company would freeze the funds and file for bankruptcy.
In a 470-page report, a bankruptcy court-appointed examiner concluded on January 31 that the platform used client funds in a “very Ponzi-like” way.
The examiner also documented how Mashinsky attempted to personally exert control over the price of the platform’s native CEL token, an unsuccessful effort that led Celsius to use client cryptocurrencies to fund its CEL buybacks, as it was not getting enough return.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.