PANews reported on May 9 that according to Inner City Press, a judge in the Southern District Court of New York sentenced former Celsius CEO Alex Mashinsky to 12 years in prison on charges including commodity fraud and manipulating the price of the platform token CEL. Prosecutors said he orchestrated "one of the largest frauds in the crypto industry" with a total amount of $590 million. Mashinsky admitted that he had misled users during the live broadcast, and his defense request for only 366 days was not accepted. In addition, he must pay $48 million and confiscate nine assets, and must go to prison no later than September 12 this year.