Crypto Fraud Sentence

The founder and CEO of Celsius Network, Alex Mashinsky, has been sentenced to a 12-year prison term by a US District Court. At its peak, Celsius Network managed approximately $25 billion in assets but collapsed in 2022 along with several other cryptocurrency operations. Prosecutors sought a 20-year sentence for Mashinsky, alleging he intentionally deceived and misled customers regarding the status of his company’s CEL token.

The prosecutors emphasized that Mashinsky’s actions were premeditated, stating, "His crimes were not the product of negligence, naivete, or bad luck. They were the result of deliberate, calculated decisions to lie, deceive, and steal in pursuit of personal fortune."

Plea Deal and Sentence

Initially pleading not guilty to seven criminal counts, the former cryptocurrency leader later pleaded guilty to two fraud charges in December. As part of his plea agreement, Mashinsky consented not to appeal any sentence of 30 years or less.

This article originally appeared on Engadget at https://www.engadget.com/big-tech/celsius-ceo-alex-mashinsky-sentenced-to-12-years-for-crypto-fraud-210415388.html?src=rss