Celsius Network's CEL Skyrockets by 80% Amidst Calls for 20-Year Jail Term for Founder Alex Mashinsky by US DOJ

Celsius Network's native token, CEL, surged by 80% following the US Department of Justice's (DOJ) request for a 20-year prison sentence for former CEO Alex Mashinsky, accused of financial misconduct and deception over several years. Despite the recent surge, CEL is still well below its all-time high of over $8 in June 2021.

The DOJ alleges that Mashinsky manipulated CEL's price, profiting from selling his personal tokens at inflated prices, and misled customers about the company’s handling of deposits. Celsius Network, once a prominent crypto lending platform, filed for bankruptcy due to liquidity issues and halted customer transactions.

Investigations revealed Mashinsky's misuse of customer funds and price manipulation of CEL. He was arrested on multiple fraud charges and later released on a $40 million bond.