Founder of failed crypto lending platform Celsius Network should face 20 years behind bars, prosecutors argue

Quick Summary:

Alexander Mashinsky cost customers billions of dollars in losses after telling them that their money was safe and secure in 2021.

Meanwhile the company advertised itself as a modern-day bank where people could deposit crypto assets safely and earn interest.“Mashinsky’s conduct made him rich,” they wrote.

In their own submission to the judge, defense lawyers said their client should face no more than a year and a day in prison after pleading guilty in December to federal fraud charges.

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Article Details

Author / Journalist: Larry Neumeister, The Associated Press

Category: EconomyBusiness

Markets: United States

Topics: Cryptocurrency

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-30 @ 09:40:22 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 523 words

Reading Time: 3 minutes read

Sentences: 4 lines

Sentence Length: 131 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 28296584

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About Fortune

Main Topics: EconomyBusiness

Official Website: fortune.com

Update Frequency: 53 posts per day

Year Established: 1929

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

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