The former CEO of Celsius Network, Alexander Mashinsky, was sentenced to 12 years in prison on Thursday after pleading guilty to commodities fraud and manipulating the Celsius token. Once hailed as a pioneer in decentralized finance, Mashinsky now joins a growing list of disgraced crypto executives, including FTX’s Sam Bankman-Fried and Binance’s Changpeng Zhao, who have faced criminal charges. Prosecutors accused Mashinsky of misleading investors while secretly selling millions in personal holdings, contributing to Celsius’s collapse and a $4.7 billion settlement with the FTC. His sentencing marks the end of a years-long fraud case that drew charges from multiple federal agencies.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Former CEO of Celsius Network, Alexander Mashinsky, was sentenced to 12 years in
00:06prison on Thursday after pleading guilty to commodities fraud and manipulating the Celsius
00:11token. Once hailed as a pioneer in decentralized finance, Mashinsky now joins a growing list
00:16of disgraced crypto executives, including FTX's Sam Bateman-Fried and Binance's
00:21Chang-Pen Zhao, who have faced criminal charges. Prosecutors accuse Mashinsky of misleading
00:26investors while secretly selling millions in personal holdings, contributing to Celsius's
00:31collapse and a $4.7 million settlement with the FTC. This sentence marks the end of a
00:35years-long fraud case that drew charges from multiple federal agencies.
00:39For all things money, visit Benzinga.com slash GSTV.