Wed, April 30, 2025
[ Wed, Apr 30th 2025 ]: BBC
Taiwan condemns Somalia travel ban
Tue, April 29, 2025

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

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/ ]