Former Celsius Network CEO Alex Mashinsky Sentenced to 12 Years in Prison
Summary
Alex Mashinsky, former CEO of Celsius Network, received a 12-year prison sentence for misappropriating customer funds and manipulating the CEL token price. He pled guilty to commodities and securities fraud, with initial charges including wire fraud and price manipulation. Prosecutors recommended a 20-year sentence, while the defense sought a year and a day. Some creditors demanded the maximum 30-year sentence. Celsius declared bankruptcy in July 2022 after freezing withdrawals amid market turmoil, resulting in over $5 billion in customer losses. Efforts to repay creditors continue.
