The U.S. Department of Justice seeks 20 years in prison for Celsius founder Mashinsky; sentencing to take place on May 8

PA一线
PA一线04/29/2025, 08:01 AM

PANews reported on April 29 that the U.S. Department of Justice requested a 20-year prison sentence for Alex Mashinsky, the former CEO of Celsius Network, for planning a fraud that resulted in nearly $7 billion in customer losses. The sentencing will be held on May 8.

Prosecutors stressed that his actions were "deliberate and carefully planned" fraud, not negligence. Celsius managed more than $20 billion in customer assets in 2021, but went bankrupt in 2022 due to unsecured loans and risky transactions, freezing about $4.7 billion in customer funds.

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