Apr 29, 02:48 PM

US DOJ Seeks 20-Year Sentence for Celsius Founder Alex Mashinsky Over $4.7B Fraud, $48M Profit; Sentencing Hearing May 8

The U.S. Department of Justice is seeking a 20-year prison sentence for Alex Mashinsky, founder and former CEO of the defunct cryptocurrency platform Celsius Network. Mashinsky pled guilty to two counts related to a fraud scheme that caused approximately $4.7 billion in losses to users. Prosecutors argue that Mashinsky engaged in a sustained and calculated campaign of deceit over several years, targeting ordinary investors. They also contend that he personally profited by more than $48 million as Celsius collapsed. The sentencing hearing is scheduled for May 8, 2025. The 20-year sentence sought by the DOJ is slightly less than the sentence given to Sam Bankman-Fried, another high-profile crypto figure. Prosecutors emphasize the continuing danger Mashinsky poses due to his actions during the operation of Celsius.

#Alex Mashinsky #Celsius Network #Mashinsky #Celsius

Written with ChatGPT (GPT-4).