Roni Cohen-Pavon, the former chief revenue officer of the now-bankrupt crypto lender Celsius Network, has reportedly pleaded guilty and committed to cooperating with authorities in their ongoing investigations.

During the court hearing, Cohen-Pavon reportedly confessed to four charges, one of which involved manipulating the price of Celsius’s native token, CEL.

Celsius Executives Give Different Answers to Guilt Charges

According to a September 14 report, Cohen-Pavon entered his guilty plea in the United District Court of Manhattan.

He reportedly agreed to assist the US Attorney’s office in Manhattan and the Federal Bureau of Investigation (FBI) with investigations and testify in court if necessary.

In July, both Cohen-Pavon and Alex Mashinsky were charged with market manipulation and wire fraud. The United States Securities and Exchange Commission (SEC) accused both of artificially boosting the price of CEL. It further alleges that both sold their holdings just before Celsius collapsed in July 2022.

At the time of publication, CEL’s price is $0.14.

On July 14, reports disclosed that Mashinsky entered a plea of not guilty to fraud charges. Prosecutors leveled seven criminal counts against him, which included wire fraud, securities fraud, and commodities fraud.

They also asserted that he orchestrated a calculated, multi-year scheme aimed at profiting $42 million from exploiting customers.

Celsius experienced a decline following the peak of the bull market in 2021. At the time, numerous crypto companies were providing high yields on digital asset loans.

However, with the arrival of last year’s bear market, several crypto-lending firms declared bankruptcy. Millions of dollars belonging to users are currently stuck on these platforms.