Feed: Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics
Feed Link: https://www.engadget.com/
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Title: Celsius CEO Alex Mashinsky sentenced to 12 years for crypto fraud

Date: Thu, 08 May 2025 21:04:15 +0000
Link: https://www.engadget.com/big-tech/celsius-ceo...

CEO and founder of Celsius Network Alex Mashinsky has been sentenced to 12
years in prison by a US District Court. Celsius Network held about $25
billion in assets at its height, but was one of the many cryptocurrency
operations to fail during 2022. Prosecutors were seeking two decades for
Mashinsky, claiming he defrauded and misled customers about the status of his
company's CEL token.

"His crimes were not the product of negligence, naivete, or bad luck," the
attorneys said. "They were the result of deliberate, calculated decisions to
lie, deceive, and steal in pursuit of personal fortune."

After an initial not-guilty plea to seven criminal counts, the former
cryptocurrency leader pled guilty to two of the fraud charges in December. As
part of his plea deal, Mashinsky agreed not to appeal any sentence of 30
years or less.

This article originally appeared on Engadget at https://www.engadget.com/big-
tech/celsius-ceo-alex-mashinsky-sentenced-to-12-years-for-crypto-fraud-
210415388.html?src=rss

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