Former Celsius CEO Alexander Mashinsky was sentenced to 12 years behind bars.
Transcript:
Yet another former crypto company executive is headed behind bars. Alexander Mashinsky, the former CEO of cryptocurrency lending platform Celsius, has been sentenced to 12 years in prison.
Mashinsky was found guilty of commodities fraud and an attempt to manipulate the Celsius token.Prosecutors said the former CEO misled investors about how safe and profitable Celsius’ platform was — all the while, selling off millions of dollars of his own company holdings.
In her argument, Assistant U.S. Attorney Allison Nichols said Mashinsky, “Preyed on hope. Mashinsky knew exactly what he was doing — selling these people hope.”
Mashinsky’s case is just another tale of a crypto star turned felon. FTX’s Sam Bankman-Fried was sentenced to 25 years in prison for his role in the company’s collapse. Former Binance CEO Changpeng Zhao spent 4 months in prison and was forced to pay $100 million in fines for money laundering. And former TerraLabs CEO Do (Dough) Kwon faces 130 years in prison for his role in the largest collapse in crypto history.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#crypto #cryptocurrency #celsius
source
