DOJ seeks 20-year prison sentence for Celsius founder

former CEO of Celsius Network, Alex Mashinsky, faces 20 years in prison for orchestrating a fraud scheme that resulted in nearly $7 billion in losses for customers. Mashinsky admitted to intentionally misleading customers about the security of their deposits, while manipulating the CEL token for personal gain. The verdict will be announced on May 8th, with prosecutors emphasizing the need for a severe sentence to deter similar misconduct in the cryptocurrency industry.

If the sentencing memorandum from the US Department of Justice is approved, Alex Mashinsky could face a twenty-year prison sentence in the future. In a memorandum submitted later on Monday, the US Department of Justice urged the court to impose a 20-year prison sentence, stating that these crimes were "deliberate, premeditated" acts of fraud, resulting in nearly $7 billion in customer losses and causing economic harm to thousands of people.