Overview

• Alex Mashinsky, ex-CEO of Celsius Network, received a 12-year prison sentence for commodities and securities fraud.
• The sentence, handed down by Judge John Koeltl, falls between the prosecution's 20-year recommendation and the defense's plea for one year.
• Mashinsky admitted to misleading investors, misusing customer funds, and manipulating the price of Celsius’ native token, CEL.
• Celsius declared bankruptcy in July 2022 after halting withdrawals, leaving customers with over $5 billion in losses.
• Bankruptcy proceedings to repay creditors are ongoing as the fallout from Celsius’ collapse continues to impact the crypto industry.