Celsius Network founder Alex Mashinsky faces potential 20-year prison term for crypto fraud
The U.S. Justice Department is seeking a 20-year prison term for Alex Mashinsky, the founder of the now-defunct cryptocurrency lending platform Celsius Network, after he entered a plea of guilt earlier last year. defrauding investors And falsely increasing the worth of the ecosystem's proprietary currency.
Promoted by Mashinsky as a secure, high-return option compared to conventional banking services, Celsius reached a peak of managing over $20 billion in user cryptocurrency assets in 2021.
Mashinsky's "crimes were not the product of negligence, naivete, or bad luck. They were the result of deliberate, calculated decisions to lie, deceive, and steal in pursuit of personal fortune," the DOJ said in the memo.
The regulatory body pointed out that the ex-CEO of Celsius continues to refrain from accepting blame for the charges he admitted to. They stated, “He has resorted to complex verbal maneuvers to dodge accountability for the two fraudulent plans even as he claims to ‘stand by’ his plea deal.”
His sentence is set for May 8.
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