The DOJ stated that Mashinsky’s plea showed that his crimes were “not the product of negligence” but the result of “deliberate, calculated decisions to lie.”
Alex Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius, faces a 20-year prison sentence as the US Department of Justice (DOJ) seeks a severe penalty for his role in a multibillion-dollar fraud.
The DOJ on April 28 filed the government’s sentencing memorandum against Mashinsky, recommending a 20-year prison sentence for his fraudulent actions, which led to billions of dollars in losses for Celsius customers.
The 97-page memo mentioned that Celsius users were unable to access approximately $4.7 billion in crypto assets after the platform halted withdrawals on June 12, 2022.
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