42394024979 Celsius Boss Falls: Alex Mashinsky Sentenced to 12 Years for $7B Fraud

Alex Mashinsky, the former CEO of the cryptocurrency lender Celsius Network, was sentenced today to 12 years in prison for defrauding customers and manipulating the price of the platform's native token, CEL.

In December 2024, Mashinsky pleaded guilty to one count of commodity fraud and one count of securities fraud, admitting to misleading investors about Celsius's financial health and secretly selling his CEL holdings for personal gain.

As part of his confession agreement, he agreed to forfeit $48 million in proceeds from the fraudulent schemes. Prosecutors sought a 20-year sentence, arguing that Mashinsky's actions caused nearly $7 billion in losses and devastated thousands of customers.

Mashinsky's defense team requested a sentence of just over a year, describing the government's proposal as a punishment of 'death in prison' for the 59-year-old non-violent offender.