Alex Mashinsky, the founder and former CEO of collapsed crypto lender Celsius, will plead guilty to U.S. federal fraud charges, Reuters reported Tuesday.

Mashinsky reportedly said in a court hearing that he would plead guilty to two of the seven fraud counts levied against him: commodities fraud and conspiring to manipulate the price of the firm's CEL token.

The disgraced crypto founder's trial was set to begin on January 28, 2025, after a motion from his lawyers to dismiss two charges was denied by U.S. District Judge John Koeltl in November.

"I know what I did was wrong, and I want to try to do whatever I can to make it right," Mashinksy was quoted saying in court Tuesday.