According to Cointelegraph, Alex Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius, is facing a potential 20-year prison sentence. The U.S. Department of Justice (DOJ) has recommended this severe penalty due to Mashinsky's involvement in fraudulent activities that resulted in multibillion-dollar losses for Celsius customers. On April 28, the DOJ filed a sentencing memorandum against Mashinsky, highlighting the significant financial impact of his actions. The document revealed that Celsius users were unable to access approximately $4.7 billion in crypto assets after the platform halted withdrawals on June 12, 2022. The DOJ argued that Mashinsky's actions constituted a "years-long campaign of lies and self-dealing," which left behind billions in losses and thousands of victimized customers.