The post DOJ Seeks 20-Year Prison Term for Alex Mashinsk appeared on BitcoinEthereumNews.com.

Key Notes The DOJ seeks 20-year sentence for Celsius founder Alex Mashinsky. Mashinsky admitted to fraud and siphoning $48M in funds. Victims still unable to access funds after Celsius collapse. The US Department of Justice has requested a strict prison sentence for Alex Mashinsky, the founder and former CEO of Celsius, due to his role in the operations of the now-defunct cryptocurrency lending platform. The DOJ stated that Mashinsky’s actions were not merely negligent but deliberate, as revealed in parts of his defense. The DOJ has requested the court to sentence Mashinsky to twenty years in prison due to his involvement in the Celsius fraud, which resulted in the loss of billions of dollars in investor funds. On April 28, the DOJ submitted a 97-page sentencing memorandum supporting this recommendation, highlighting that victims of the scheme have been unable to withdraw their cryptocurrencies since the platform suspended operations. In the memo, the DOJ noted, “The Court should sentence Alexander Mashinsky to twenty years’ imprisonment as just punishment for his years-long campaign of lies and self-dealing that left in its wake billions in losses and thousands of victimized customers.” Mashinsky Pled Guilty This comes after Mashinsky pleaded guilty to two criminal counts including one count of “misrepresenting the safety and liquidity of customer deposits” and one count of price manipulation of Celsius’s token, CEL, to artificially increase the price of the coin and improve his wealth. In his plea, Mashinsky admitted to leading operations at Celsius and being fully aware of the criminal activities taking place. He also confessed to siphoning over $48 million into his personal accounts. Based on this admission, the DOJ concluded that Mashinsky intentionally deceived investors and misappropriated their funds. Scams in the crypto world are unfortunately widespread, but it’s clear that authorities and the global community…

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Filed under: News - @ April 29, 2025 11:22 am