Buy Crypto- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Former Celsius Network CEO Alex Mashinsky Sentenced to 12 Years in Prison
By: bitcoin ethereum news|2025/05/09 14:30:02
0
Share
In brief Alex Mashinsky was sentenced to 12 years in prison on Thursday. The former Celsius Network CEO pled guilty to two charges in December 2024. His sentence is eight years shorter than that which federal prosecutors recommended. Former Celsius Nework CEO Alex Mashinsky received a 12-year prison sentence on Thursday for misappropriating Celsius customers’ funds and manipulating the price of the lender’s token, CEL. Mashinsky, 58, pled guilty to one count of committing commodities fraud and one count of committing securities fraud last December. He was initially indicted on seven charges, including two counts of wire fraud and a fraudulent scheme to manipulate the price of CEL. Prior to Mashinsky’s sentencing, federal prosecutors recommended the former CEO serve 20 years in prison, while the defense requested a sentence of a year and one day for its client. Some creditors of the defunct lender had called for Mashinsky to receive the harshest possible punishment for his crimes. The charges carried a maximum prison sentence of 30 years. In a letter to Judge Koeltl dated May 5, Mashinsky’s lawyers said a longer sentence would amount to a “death-in-prison” punishment. They argued that the U.S. government’s rationale for its sentencing recommendations served to “demonize [Mashinsky’s] intentions and motivations, his character and personality, and attribute his wrongdoing to a sadistic disposition.” “He was not motivated by malevolence, cruelty, greed or ego,” the lawyers said of Mashinsky in the filing. “And his guilty plea most certainly is not an agreement to abandon good faith, zealous advocacy or to present mitigation evidence at sentencing.” Celsius declared bankruptcy in July 2022, a few weeks after freezing withdrawals on its platform, citing “extreme market conditions.” The trading platform experienced a bank-run-style cascade of withdrawals that it couldn’t honor a month earlier, shortly after the crash of algorithmic stablecoins LUNA and UST caused the cryptocurrency market to crater. Celsius customers lost more than $5 billion in the company’s implosion. Efforts to pay back creditors are ongoing. Edited by James Rubin Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Source: https://decrypt.co/318623/former-celsius-network-ceo-alex-mashinsky-sentenced-12-years-prison
You may also like
Crypto Market Update: BTC Holds $76K as Fear Index Signals Opportunity — What Is Futures Trading & Spot Trading Explained
Bitcoin (BTC) is holding above $76,000, supported by strong institutional buyingThe Fear & Greed Index at 33 indicates continued market caution despite price strengthCrypto ETPs saw $1.4B in inflows, marking three consecutive weeks of capital growthEthereum (ETH) is consolidating around $2,300, with resistance near $2,360Understanding what is futures trading vs what is spot trading is key in volatile marketsTraders are increasingly combining spot accumulation with futures trading strategies
DeFi is trapped in the most dangerous prisoner's dilemma in history
This incident has returned to the classic dilemma of cryptography: pragmatic security vs completely decentralized security.
Exclusive Interview with Jeff Hoffman: How Web3 and AI are Reshaping the Trillion-Dollar Social Travel Market
The most valuable platforms will not only be aggregators of suppliers, but they will also have relational networks around payments, loyalty, and communities.
After the KelpDAO hack, AAVE's situation is worse than you think
October 10 is the CEX-driven collapse, an epic failure in DeFi risk mitigation.
Atkins Marks One-Year Anniversary at SEC: Crypto Regulation Shifts from ‘Enforcement Heavy’ to ‘Rulemaking Mode’
Before the bill is passed, the SEC's cryptocurrency regulatory framework remains in a transition state of "administrative guidance + enforcement actions."
Under Political Pressure, Is the Federal Reserve Still Independent?
Powell believes that political pressure is not a threat, and what truly determines the Fed's independence is the Fed itself.
Yellen's Past Remarks: How Will This Incoming "Fed Chair" Disrupt the Federal Reserve? Janet Yellen, who is expected to become the next Chair of the Federal Reserve, has made several significant statements in the past regarding monetary policy, financ...
Powell's reform blueprint not only looks bold and ambitious, but also directly targets many vulnerabilities of the Federal Reserve. Facing the upcoming Senate confirmation hearing, how will this Fed's presumptive new "helmsman" reshape the future of the world's largest central bank?
ZachXBT vs. RAVE: Is a “Clean” Market Really What Speculators Want?
While cleaning up manipulation, it may also involve cleaning up liquidity
Arbitrum Poses as Hacker, 'Steals' Back Money Lost by KelpDAO
Even though Arbitrum wielded the admin key, the battle is far from over.
Without Cook's Apple, Can it Still Grow in the AI Era?
The iPhone Remains at its Peak, But Apple is at a Turning Point
Saylor's Bitcoin Holdings Surpass BlackRock, How Does This "Bitcoin Financing Machine" STRC Work?
Funding Cap is not equal to Execution Path; whether Bitcoin can cooperate is the true variable.
What Is RWA? What Is RWA in Crypto (Complete 2026 Guide)
Wondering what is RWA in crypto? We explain what RWA is, break down RWA tokenization in simple no-jargon terms, and cover why it's 2026's hottest crypto narrative.
What Is the KelpDAO Attack? What It Means for Aave Users in 2026
KelpDAO suffered a $292M rsETH exploit on April 18, 2026, triggering Aave market freezes and $13B DeFi outflows. Here’s what happened, whether Aave is safe now, and what users should do next.
Is your gold really "within reach"? The geographical blind spots of custodial services behind tokenized gold
When "complete physical support" does not equal "truly desirable," the risks are just beginning to emerge.
Cook Passes the Baton, Anthropic Gears Up | Rewire News Morning Brief
In the window of AI reshaping the hardware landscape, Apple has chosen a Maker
Will the Fed Cut Interest Rates Again? Tonight's Data Is Key
Citi believes geopolitical turbulence is temporary and the rate cut trajectory remains unchanged. Meanwhile, Deutsche Bank warns that the policy has reached a neutral stance, with no interest rate cuts in the foreseeable future.
The person taking over Apple has to do something he has never done before
Software, AI, services—areas he never directly controlled in his 25-year Apple career
Why Are You Always Losing Money on Polymarket? Because You're Betting on News, While The Rulebook Favors Insiders
At Polymarket, most people who bet incorrectly are not wrong in their prediction but rather in not having read the rules carefully.
Crypto Market Update: BTC Holds $76K as Fear Index Signals Opportunity — What Is Futures Trading & Spot Trading Explained
Bitcoin (BTC) is holding above $76,000, supported by strong institutional buyingThe Fear & Greed Index at 33 indicates continued market caution despite price strengthCrypto ETPs saw $1.4B in inflows, marking three consecutive weeks of capital growthEthereum (ETH) is consolidating around $2,300, with resistance near $2,360Understanding what is futures trading vs what is spot trading is key in volatile marketsTraders are increasingly combining spot accumulation with futures trading strategies
DeFi is trapped in the most dangerous prisoner's dilemma in history
This incident has returned to the classic dilemma of cryptography: pragmatic security vs completely decentralized security.
Exclusive Interview with Jeff Hoffman: How Web3 and AI are Reshaping the Trillion-Dollar Social Travel Market
The most valuable platforms will not only be aggregators of suppliers, but they will also have relational networks around payments, loyalty, and communities.
After the KelpDAO hack, AAVE's situation is worse than you think
October 10 is the CEX-driven collapse, an epic failure in DeFi risk mitigation.
Atkins Marks One-Year Anniversary at SEC: Crypto Regulation Shifts from ‘Enforcement Heavy’ to ‘Rulemaking Mode’
Before the bill is passed, the SEC's cryptocurrency regulatory framework remains in a transition state of "administrative guidance + enforcement actions."
Under Political Pressure, Is the Federal Reserve Still Independent?
Powell believes that political pressure is not a threat, and what truly determines the Fed's independence is the Fed itself.
App