Alex Mashinky is to be jailed for 12 years in 2022 for his role in the collapse of the Celsius network.
Alex Mashinsky, co-founder of the defunct crypto-lending platform Celsius Network, was sentenced to 12 years in prison on May 8.
The conviction follows a series of legal proceedings that followed his guilty plea to the liquidation of his firm last December. Specifically, Alex Mashinky was convicted of misappropriating user funds and manipulating the CEL token.
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It is worth noting that the founder of Celsius Network pleaded guilty to one count of committing commodities fraud and another count of committing securities fraud.
The lending platform collapsed in 2022 and filed for bankruptcy shortly after the Terra Luna crash in May 2022.
The fallout from the Terra collapse has affected several other institutions, including crypto exchange FTX.
The DOJ recommended a 20-year sentence for the crypto pioneer. The 12-year sentence represents considerable leniency for Alex Maschini.
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