Department of Justice seeks 20-year prison sentence for Celsius founder

Alex Mashinsky, former CEO of Celsius Network, faces 20 years in prison for orchestrating a fraud that cost customers nearly $7 billion. Mashinsky pleaded guilty to intentionally misleading customers about the security of their deposits while manipulating CEL tokens for personal gain. Sentencing is due on May 8, and prosecutors have stressed the need for a heavy sentence to deter similar misconduct in the crypto industry.
Alex Mashinsky faces the next two decades in prison if the Department of Justice's request for a sentencing memo is approved. In the memo, filed late Monday, the department urged the court to impose a 20-year prison sentence, calling the crimes a "deliberate, premeditated" fraud that cost clients nearly $7 billion and cost thousands of people financially.