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Federal prosecutors have asked a U.S. court to sentence Alex Mashinsky, the founder of Celsius Network, to 20 years in prison. The DOJ claims he orchestrated a massive fraud that misled thousands of investors and resulted in billions of dollars in losses. The sentencing request follows Mashinsky’s December guilty plea to multiple fraud-related charges. In a sentencing memo filed late yesterday, the Department of Justice accused Mashinsky of executing a calculated scheme to enrich himself at the expense of Celsius customers. The DOJ said his crimes were not the result of mismanagement or market downturns, but “deliberate, calculated decisions to lie, deceive, and steal.” Related: Celsius Founder Joins SBF, Do Kwon in Lineup of Prosecuted Crypto Founders Mashinsky was charged with misrepresenting the safety of customer deposits and artificially inflating the price of Celsius’s native token, CEL. Despite promising high yields and low risk, prosecutors said he engaged in risky trading, issued uncollateralized loans, and misused customer assets behind the scenes. At its height in 2021, Celsius managed over $20 billion in crypto assets. The platform collapsed into bankruptcy in July 2022, leaving about $4.7 billion in customer funds trapped. Prosecutors now estimate the total loss at nearly $7 billion, accounting for current crypto market values. The DOJ said Mashinsky personally gained from the fraud, selling more than $48 million worth of CEL while publicly telling customers he was holding the token alongside them. Prosecutors allege his assurances were part of a broader deception that left thousands of investors financially devastated. Despite pleading guilty, Mashinsky has not acknowledged the full extent of his wrongdoing, according to the DOJ. The memo claims he continues to shift blame onto regulators, market conditions, and even his victims. Prosecutors argue this lack of remorse justifies the maximum recommended sentence. “Mashinsky’s refusal to take responsibility underscores the need for a significant sentence,” the DOJ stated. “It is essential to send a clear message to other crypto executives.” The Mashinsky case is one of the most high-profile fraud prosecutions in the crypto industry to date. It comes amid growing calls for regulation and oversight in the digital asset sector. Related: Celsius Founder Pleads Guilty: Faces Fraud Sentencing in 2025 Prosecutors warned that a lenient sentence could undermine public trust and embolden others to prioritize personal gain over investor protection. Notably, the court has scheduled May 8 as the sentencing date. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Former Celsius Network CEO Alex Mashinsky is scheduled for sentencing on May 8, in New York, where he could face up to 20 years behind bars. This comes after he pleaded guilty late last year to two criminal charges related to commodities fraud and manipulating the price of Celsius’s own crypto token, CEL. Mashinsky admitted his guilt back in December 2024, more than a year after federal prosecutors initially hit him with multiple charges. His sentencing date was pushed back a month from April 8th after his legal team requested more time to present evidence. Related: Celsius Founder Pleads Guilty: Faces Fraud Sentencing in 2025 Celsius, once a leading crypto lending platform, collapsed in 2022. The crash followed the implosion of Terra, a major decentralized finance project that caused ripple effects across the industry. Before its bankruptcy, Celsius reportedly held $13 billion in customer deposits. U.S. authorities, including the Department of Justice, SEC, and FTC, pursued Mashinsky aggressively. They accused him of lying to investors about Celsius’s financial health and artificially pumping up the CEL token’s value for personal and company gain. During court proceedings, Mashinsky’s lawyers argued he wasn’t acting maliciously but rather relying heavily on advice from internal experts. However, prosecutors claimed he knowingly misled customers and manipulated token prices for personal and corporate gain. While his plea deal reduced the number of charges, the remaining ones still carry heavy potential sentences. No sentencing recommendation has been released publicly yet. Related: Celsius Creditors Recover 60% After $127M Bitcoin, USD Second Payout Mashinsky is one of several high-profile crypto executives charged or sentenced following the 2022 crypto market collapse. FTX founder Sam Bankman-Fried (SBF) received a 25-year sentence in 2024 for fraud offenses. Meanwhile, Terraform Labs co-founder Do Kwon was extradited to the United States and is scheduled for trial in January 2026. These high-profile cases signal a clear focus by U.S. regulators on holding crypto leaders accountable for investor harm. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Announcement on Resumption of CEL-ERC20 Network Withdrawal Services | Bitget Support Center https://www.bitget.com/support/articles/12560603822106?appVersion=2.50.6&time=1738620424258&androidSdk=30&language=en_US&appTheme=dark

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