Crypto mogul Alex Mashinsky sentenced to 12 years in prison over billion dollar Celsius fraud
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Crypto mogul Alex Mashinsky sentenced to 12 years in prison over billion dollar Celsius fraud
"Mashinsky, 59, misled customers about Celsius' safety and inflated the value of its token, leading to billions in losses and drawing $48 million in personal benefits."
"The case underscores that while tokenization and digital assets present opportunities, they do not provide a license to deceive customers."
Alex Mashinsky, the founder of Celsius Network, received a 12-year prison sentence after pleading guilty to securities and commodities fraud, marking a notable case in the 2022 cryptocurrency crash. U.S. District Judge John Koeltl imposed the sentence, which was part of a broader fallout from Celsius's bankruptcy following a customer rush to withdraw funds as crypto values plummeted. Prosecutors argued for a much longer sentence, highlighting significant financial losses inflicted on customers. Mashinsky expressed regret and sought a reduced sentence, but was ordered to forfeit $48.4 million and serve three years of supervised release.
Read at New York Post
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