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Alex Mashinsky’s planned book on financial literacy has already been shelved, but the book’s publisher is currently working to remove all references to it off the internet.
Before it could ever hit the stores, a book written by Alex Mashinsky, the former CEO and creator of the insolvent cryptocurrency lender Celsius, was scheduled to be released. The publisher of the book is now working to “erase all trace of it online.”
An anticipated financial literacy book by Mashinsky with a scheduled June release date was titled The Mashinsky Method: The Decentralized Path to Financial Freedom.
According to a description on Amazon, it will impart his “7-step strategy” on “how to secure your assets and how to earn compounding income […] Using stablecoins and other cryptocurrencies like Bitcoin.” The cost of the book was set at $46.25 Australian dollars ($32) at one Australian bookseller.
Wiley, the book’s publisher, reiterated in a tweet on February 6 that the book “has been canceled” when someone saw a listing for the ostensibly impending book on Twitter.
This book has been cancelled. Please be aware that once a book is cancelled, removing all trace 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 continued, “Removing every trace of a canceled book online may be a difficult procedure. It stated that it was working with merchants to amend their statistics to reflect the book’s discontinuation of distribution.
In a tweet from last November, Wiley first said that the book will not be released. At the time, it claimed to be updating the data in collaboration with merchants.
Wiley was contacted by Cointelegraph over the cancellation, but no answer was received right away.
Since the Celsius fiasco, there has been mistrust among the crypto world surrounding the publication of the book. The Wiley tweet appears to have put an end to this type of conjecture.
The New York Attorney General’s office is now suing Mashinsky, saying that the former CEO scammed investors out of billions of dollars’ worth of cryptocurrency. The case was revealed on January 5.
It claimed that because of his misrepresentations of Celsius’ financial situation and disregard for legal obligations, his activities previous to Celsius filing for bankruptcy contributed to investor losses.
The crypto lender frozen the cryptocurrency in the accounts of almost 600,000 users when it filed for Chapter 11 bankruptcy in July 2022.
Mashinsky reportedly took $10 million from the platform just weeks before the firm froze client 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 examiner discovered on January 31 that the platform exploited consumer funds in a “very Ponzi-like” way in a 470-page study.
The examiner also noted Mashinsky’s unsuccessful attempt to utilize personal control to influence the price of the platform’s native CEL token; as a result, Celsius had to use client cryptocurrency to pay its CEL buybacks since it wasn’t generating enough income.
