Celsius Founder Alex Mashinsky Sentenced to 12 Years for Crypto Fraud

Alex Mashinsky, the founder and former CEO of Celsius Network, has been sentenced to 12 years in federal prison for defrauding hundreds of thousands of customers who were drawn to the platform by promises of high yields on crypto deposits. The sentencing was delivered Thursday by U.S. District Judge John Koeltl in Manhattan. Mashinsky had pleaded guilty in December to multiple fraud-related charges. Federal prosecutors, who had sought a 20-year term, described the 59-year-old executive as “unrepentant.” Celsius Network collapsed in 2022 amid the broader crypto market downturn, leaving billions in user assets frozen. Mashinsky was accused of misrepresenting the safety and stability of the platform while engaging in risky trading strategies behind the scenes. This marks one of the most high-profile convictions in the ongoing U.S. crackdown on fraudulent practices in the digital asset industry. Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related stories Next article !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,'script','https://connect.facebook.net/en_US/fbevents.js');fbq('init','1188189499475368');fbq('track','PageView'); Source: https://coindoo.com/celsius-founder-alex-mashinsky-sentenced-to-12-years-for-crypto-fraud/