Mashinsky’s 12-year sentence sets tone of enforcement in Trump era
Former Celsius CEO Alex Mashinsky has been sentenced to 12 years in prison for fraud by the US federal court in New York. His defense team argued for a lighter sentence, citing his clean record and military service, while prosecutors recommended a 20-year term, emphasizing the need for a strong warning against fraud in the cryptocurrency industry. The prosecution highlighted that Mashinsky targeted unsophisticated retail investors. His lawyers claimed there was no evidence of misappropriation of funds and described the suggested sentence as excessively harsh. Mashinsky's sentencing contrasts with recent high-profile pardons of crypto executives by former President Trump, indicating a shift in the administration's stance on crypto-related crimes. The current Department of Justice aims to establish that fraud will be severely punished, regardless of the industry.
