Celsius Network founder should face 20 years behind bars, prosecutors argue

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Celsius Network founder should face 20 years behind bars, prosecutors argue

//travel-leisure.news-articles.net/content/2025/ .. face-20-years-behind-bars-prosecutors-argue.html

Published in Travel and Leisure on Wednesday, April 30th 2025 at 7:06 GMT by Fortune
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Alexander Mashinsky cost customers billions of dollars in losses after telling them that their money was safe and secure in 2021.

Alexander Mashinsky, the founder of the now-bankrupt cryptocurrency lender Celsius Network, was sentenced to four years in prison for fraud after misleading investors about the company's financial health and using customer funds for risky investments. Mashinsky, who was convicted on seven counts including securities fraud, commodities fraud, and wire fraud, had promised investors high returns and safety, but instead engaged in a scheme that led to Celsius's collapse in 2022. U.S. District Judge John Koeltl handed down the sentence, which also includes three years of supervised release and a $40 million fine, emphasizing the need to deter similar misconduct in the cryptocurrency industry. The sentencing marks a significant moment in the ongoing scrutiny of the crypto sector, highlighting the consequences of fraudulent practices.

Read the Full Fortune Article at:
[ https://fortune.com/article/celsius-network-alexander-mashinsky-sentencing/ ]