Alex Mashinsky’s ‘Financial Freedom’ Book Canceled: Publisher Erases All Traces Amid Celsius Scandal

In a dramatic turn of events in the crypto world, former Celsius CEO Alex Mashinsky’s highly anticipated financial literacy book, “The Mashinsky Method: The Decentralized Path to Financial Freedom,” has been abruptly canceled. Adding to the intrigue, the book’s publisher, Wiley, is reportedly going to great lengths to scrub any mention of it from the internet. But why the sudden disappearance? Let’s dive into the details of this unfolding story.

What Was ‘The Mashinsky Method’ Book About?

Before we delve into the cancellation, it’s important to understand what this book was supposed to be. Marketed as a guide to financial literacy in the age of crypto, “The Mashinsky Method” aimed to capitalize on Mashinsky’s image as a crypto visionary, pre-Celsius collapse. The book, slated for a June release, promised to reveal Mashinsky’s “7-step strategy” for building wealth using crypto assets, specifically:

• Securing Your Assets: The book allegedly offered insights into protecting your investments in the volatile crypto market.
• Building Compounding Income: It claimed to teach readers how to generate passive income streams using cryptocurrencies.
• Leveraging Stablecoins and Bitcoin: These popular cryptocurrencies were highlighted as key tools in Mashinsky’s financial strategy.

Early listings even showed a price tag of around $32 USD (or $46.25 Australian dollars), indicating a serious commercial release was planned.

The Sudden Cancellation: What Happened?

News of the book’s existence first surfaced online, sparking immediate skepticism within the crypto community. Given the recent collapse of Celsius and the allegations against Mashinsky, many questioned the appropriateness of him publishing a financial literacy guide.

Wiley, the publisher, officially confirmed the cancellation on February 6th in a tweet, stating: “The book has been canceled.” This announcement followed an initial tweet in November where they first indicated the cancellation and their efforts to update retailer data.

Adding to the mystery, Wiley acknowledged the difficulty of completely removing all online traces of a canceled book. They stated they are actively working with sellers to ensure their systems reflect the book’s unavailability.

Why the Rush to Erase ‘The Mashinsky Method’?

The cancellation and the subsequent efforts to erase the book’s online footprint are undoubtedly linked to the ongoing fallout from the Celsius Network’s collapse. Here’s a breakdown of the key factors:

• Celsius Bankruptcy and Investor Losses: Celsius Network, under Mashinsky’s leadership, filed for Chapter 11 bankruptcy in July 2022, leaving approximately 600,000 users with their crypto assets locked up. This event severely damaged investor trust and Mashinsky’s reputation.
• Fraud Allegations and Lawsuits: The New York Attorney General’s office is actively suing Mashinsky. They allege he defrauded investors out of billions by misrepresenting Celsius’s financial health and violating regulatory norms. These are serious accusations that further tarnish his image.
• ‘Ponzi-like’ Scheme Accusations: A bankruptcy court-appointed examiner’s report released on January 31st painted a damning picture of Celsius’s operations. The report concluded that Celsius operated in a “highly Ponzi-like” manner, raising serious ethical and legal questions about Mashinsky’s conduct.
• Withdrawal Controversy: Reports surfaced that Mashinsky withdrew $10 million from the Celsius platform just weeks before it froze customer accounts and declared bankruptcy. This raised suspicions about his awareness of the impending crisis and whether he acted in his own self-interest at the expense of users.
• CEL Token Manipulation: The examiner’s report also highlighted Mashinsky’s attempts to manipulate the price of Celsius’s native CEL token. It was revealed that Celsius used customer funds to buy back CEL tokens, as the platform wasn’t generating enough yield organically. This further fueled accusations of mismanagement and potentially fraudulent activities.

Given this context, publishing a book promising financial freedom from the very person at the center of such a massive crypto meltdown would be incredibly damaging for both Mashinsky and the publisher. The book’s title itself, “The Decentralized Path to Financial Freedom,” now carries a deeply ironic and even offensive connotation for those who lost money on Celsius.

The Implications and What’s Next?

The cancellation of “The Mashinsky Method” is a clear indication of the reputational damage Mashinsky has suffered and the sensitivity surrounding the Celsius saga. It underscores the rapid shifts in public perception within the crypto space, where yesterday’s heroes can quickly become today’s cautionary tales.

Here’s what we can take away from this situation:

• Reputation Matters: In the crypto world, trust is paramount. Mashinsky’s tarnished reputation made the book’s release untenable.
• Accountability is Increasing: The lawsuits and investigations against Mashinsky signal a growing trend of accountability within the crypto industry. Regulatory bodies are increasingly scrutinizing crypto companies and their leaders.
• Due Diligence is Crucial: The Celsius collapse serves as a stark reminder for investors to conduct thorough due diligence before investing in crypto platforms and projects. Promises of guaranteed high returns should always be met with skepticism.
• Publisher Sensitivity: Wiley’s swift cancellation and efforts to erase the book demonstrate a heightened awareness among publishers about the risks of associating with controversial figures in the crypto space.

While Wiley attempts to erase all digital footprints of the book, the story of “The Mashinsky Method” serves as a stark reminder of the volatile and often unpredictable nature of the cryptocurrency market. It also highlights the importance of transparency, accountability, and responsible leadership in the burgeoning world of decentralized finance.

Cointelegraph has reached out to Wiley for comment on the book cancellation and their efforts to remove online traces, but has yet to receive a response. We will continue to follow this story as it develops.