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Alex Mashinsky, founder and former CEO of Celsius Network, was sentenced to 12 years in prison after pleading guilty to securities and commodities fraud. His punishment, one of the toughest from the 2022 crypto meltdown, includes $48.4 million forfeiture and three years of supervised release.

Alexander Mashinsky, founder and ex-CEO of Celsius Network, was sentenced to 12 years in prison for misleading customers, pocketing over $45 million while users lost billions after the platform’s risky bets and bankruptcy. Prosecutors characterized his actions as predatory fraud that preyed on investors’ hope.

Alexander Mashinsky, founder and former CEO of Celsius Network, was sentenced to 12 years in prison after being convicted of defrauding customers out of over $45 million through a supposedly safe crypto‐lending scheme that collapsed in 2022 bankruptcy. The court heard that Mashinsky preyed on investors’ hope, exaggerating Celsius’ profitability and exposing customer funds to undisclosed risks.