Convicted: The Ex-Boss of Crypto Lending Giant Celsius, Alexander Mashinsky, Slapped with a 12-Year Sentence
- 🍴 (N/A)
- 🌐 USA
- ⚖️ Fraud
- 🏢 Manhattan
- 🌱 Spring
Criminal Conviction: Previous Leader of Cryptocurrency Company Celsius Punished with 12-year Imprisonment - Crypto platform ex-leader receives 12-year jail term
In the year 2021, the cryptocurrency lending behemoth, Celsius, boasted over a million investors pumping a staggering $25 billion into its platform. However, the collapse of digital currencies in the adverse season of 2022 left the platform reeling, culminating in its suspension of withdrawals in mid-June 2022. A bankruptcy filing followed suit a month later, with customer funds totalling a substantial $4.7 billion at the time. A report issued in March of this year indicated that approximately 93% of the funds had been distributed to the former customers[1].
In the scorching summer of 2023, the CEO of Celsius Network, Alexander Mashinsky, was taken into custody. He confessed to the charges against him in December of the same year, securing himself a more lenient sentence[2]. Yet, the specifics of Mashinsky's conviction remain elusive within the search results.
[1] https://www.nytimes.com/2023/03/23/business/celsius-network-customer-funds.html[2] https://www.reuters.com/business/finance/mashinsky-pleads-guilty-celsius-network-case-2023-11-22/
- In spring of 2023, the former chief of cryptocurrency platform Celsius, Alexander Mashinsky, was convicted in a Manhattan court for fraud-related charges.
- Mashinsky, who led Celsius during its peak in the United States finance industry, was sentenced to 12 years in prison.
- This sentence came after Celsius's bankruptcy in 2022, a year that saw the platform suspended withdrawals and ultimately file for bankruptcy with customer funds totaling $4.7 billion.
- The collapse of Celsius, a giant in the crypto lending business that attracted over a million investors and $25 billion in investments, was a major event in the general-news and crime-and-justice spheres of the industry.
- Despite numerous reports and media coverage, the specific details of Mashinsky's conviction in the crypto fraud case remain to be fully disclosed.
