Source: Cointelegraph
Original: “U.S. Department of Justice (DOJ) Seeks 20-Year Sentence for Celsius Founder Alex Mashinsky”
Alex Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius, is facing a 20-year prison sentence sought by the U.S. Department of Justice for his role in a multi-billion dollar fraud scheme.
On April 28, the U.S. Department of Justice submitted a sentencing memorandum against Mashinsky, recommending a 20-year sentence due to his fraudulent actions that resulted in billions of dollars in losses for Celsius customers.
The 97-page memorandum mentions that since Celsius suspended withdrawals on June 12, 2022, users have been unable to access approximately $4.7 billion in cryptocurrency assets.
“The court should sentence Alexander Mashinsky to 20 years in prison as a proper punishment for his years of lying and self-serving behavior, which caused billions of dollars in losses and left thousands of customers as victims,” the Department of Justice stated.
Mashinsky Personally Profited $48 Million
In addition to investor losses, the Department of Justice pointed out that Mashinsky also gained personal benefits from these fraudulent schemes during his tenure.
The Department of Justice noted that when Mashinsky pleaded guilty in December 2024, he admitted to being the mastermind behind Celsius's criminal activities, which resulted in over $550 million in losses, with his personal profits exceeding $48 million.
The U.S. Department of Justice emphasized that Mashinsky's guilty plea indicates that his criminal actions were “not due to negligence, naivety, or bad luck,” but rather “a conscious, calculated decision to lie, deceive, and steal for personal wealth.”
This situation is still developing, and more information will be provided as it becomes available.
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