Former Celsius CEO Sentenced to 12 Years in Prison for Cryptocurrency Fraud

Former Celsius CEO Alex Mashinsky was sentenced to 12 years in prison for involvement in cryptocurrency fraud. According to Inner City Press, Mashinsky was arrested in 2023 and admitted to charges of commodity fraud and a fraudulent scheme to manipulate the price of the company's token, CEL. Judge John George Koeltl stated that Mashinsky's actions led to people losing their savings and caused psychological harm. Mashinsky's lawyer had requested a sentence of no more than 366 days, while prosecutors sought a 20-year prison term. Celsius filed for bankruptcy in 2022 and dissolved in 2024, with some funds used to create the Bitcoin mining company Ionic Digital.