Alex Mashinsky is an influential entrepreneur who found multiple tech firms and has 50 patents to his name. He initially gained prominence with the technology company Arbinet but became known as the CEO of Celsius Network, a crypto lending platform. Alex Mashinsky has an estimated net worth of $40 million.
Mashinsky was born in Soviet Ukraine on October 5, 1965. In 1972, his family relocated to Israel and he spent most of his childhood there. His father worked as a tinkerer, and Alex imitated his old man.
At a young age, he tapped into public phone lines for fun. To make extra money as a teenager, Mashinsky bought and sold impounded items at customs auctions at Tel Aviv’s Ben Gurion airport.
Mashinsky studied electrical engineering at three different universities but did not complete his studies. Next followed a short stint in the Israel Defense Forces and relocated to New York in the late 80’s.
In the US he operated a company that traded chemical delivery contracts. The business had a setback in 1989, so Alex got a job at a software company called A+ Systems.
Alex Mashinsky created VoiceSmart, one of the first startups to provide computer-based Voice over Internet Protocol (VoIP) in the early 1990s. In 1996, he gained traction founding Arbinet, a VoIP marketplace.
Mashinsky sold his equity in Arbinet in 2005 and used some of the money to launch the mobile car booking company GroundLink. It got partnerships with many car services and became a success.
Alex eventually moved toward investing in startups after a few successful exits. He established Governing Dynamics, an early-stage venture capital company. Aside from traditional businesses, Governing Dynamics has invested in cryptocurrencies and blockchain technology.
Because he believes in its potential, Alex Mashinsky ventured into crypto himself, setting up Celsius Network in 2017. The service allowed users to lend digital assets and earn a nice yield, in certain cases they were offering up 18.6% APY.
Celsius was one of the leading platforms in the space competing against the likes of BlockFi and Coinbase. At its peak, they had $17 billion under management and 130,000 BTC staked on their platform. Celsius filed for bankruptcy in July 2022 and Alex stepped down as CEO in September.
Net Worth and Earnings
Alex has invested in more than 60 businesses over the years, with numerous triumphs and failures. As a startup entrepreneur, he has reportedly raised over $1 billion in funding for his ventures. He was also a popular public speaker and spoke at over 250 events around the world.
The Celsius Network token, CEL, once had a billion dollar market cap but is now worthless. Before the collapse of Celsius, Alex reportedly withdrew $10 million from the platform and is believed to be worth $40 million.
Mashinsky is married to Krissy Mashinsky, they met in 2005 but didn’t tie the knot until 2011. The couple is raising six children together, three boys and three girls. Alex and his family reside in New York City.
Currently, Alex is facing seven criminal counts, including securities and wire fraud. The entrepreneur is facing up to 115 years in prison as reported by the Wall Street Journal. There’s no doubt, his wealth will take a hit if convicted.