The $10M payment resolves a $4.72B judgment, which remains suspended and can be revived based on asset disclosures.
Briefing
SBF was convicted on all seven counts and sentenced to 25 years. The FTX and Celsius collapses, occurring within months of each other in 2022, established the factual predicate for both criminal and civil enforcement tracks running simultaneously against crypto executives, the same dual-track structure now resolved in Mashinsky's civil case.
Celsius froze customer withdrawals in June 2022 and filed for bankruptcy in July, wiping out billions in retail depositor funds. The collapse exposed the structural mismatch between Celsius's yield promises and its actual lending book, the core misrepresentation the FTC's $4.72 billion judgment was based on.
The FTC used suspended-judgment structures in consumer fraud settlements during the early 2000s telemarketing enforcement wave, allowing the agency to pursue defendants for the full amount if they misrepresented their assets. The Mashinsky settlement applies this same mechanic to a crypto context, giving it renewed relevance as an enforcement tool.

Judge Kaplan's denial of SBF's new trial motion the same day as the Mashinsky settlement closes out the two highest-profile crypto fraud civil and criminal proceedings simultaneously, removing headline legal uncertainty but keeping appellate risk alive for FTX counterparties.

Canada's proposed crypto ATM ban, announced the same day, extends the North American regulatory tightening pattern from executive accountability into retail access infrastructure, suggesting coordinated or parallel policy momentum against high-risk crypto distribution channels.
14 hours ago