Rich by Coin

Working in collaboration with journalist Jacob Silverman, the film includes interviews with currently jailed cryptocurrency industry leaders and celebrities now facing trials for misleading the public on the value of cryptocurrencies as virtual money. McKensie traveled to El Salvador – also known as Bitcoin city – and London’s banking district to showcase fraud perpetrated by Alex Mashinsky, the founder and CEO of Celsius Network, who was sentenced to 12 years in prison for one count of commodities fraud and one count of securities fraud. New York prosecutors accused Mashinsky of deceiving clients about the company’s finances and manipulating the price of Celsius’ token, which caused billions of dollars in losses. The movie also includes interviews with individuals who were part of the scam before it collapsed, McKensie’s testimony before Congress following the arrest of Sam Bankman-Fried and his trip to El Salvador.

I turned the cameras on to document the difference between the marketing campaign and the reality of what was happening on the ground, he told. Cryptocurrency was perpetuated by a very small number of people who made a lot of money in an industry rife with fraud, corruption and criminal activity. McKensie underscored the film as an unusual comedy that he’s deeply proud of. The film highlights the idea of avoiding intermediaries as appealing, but creating a currency that bypasses a banking system would never work; the idea of investing in this obtuse thing that was hard to understand evolved to exhibit the worst parts of our current system.

The project takes viewers to Bitcoin City in El Salvador and London’s financial district to spotlight alleged fraud linked to Celsius Network founder Alex Mashinsky, who was sentenced to 12 years in prison for commodities and securities fraud. Prosecutors allege Mashinsky deceived clients about the company’s finances and manipulated the price of Celsius’s token, resulting in billions of dollars in losses. McKensie’s documentary also includes interviews with individuals connected to the scheme prior to its collapse, and his congressional testimony after the arrest of Sam Bankman-Fried. He explains that the film aims to show the gulf between the marketing narrative and the real-world conduct, arguing that cryptocurrency was propelled by a small group that profited amid widespread fraud.