PANews reported on April 30 that according to The Block, the U.S. Attorney's Office for the Southern District of New York submitted a sentencing memorandum on July 1 (UTC), recommending a 20-year prison sentence for Alex Mashinsky, the former CEO of the bankrupt crypto lending platform Celsius. The prosecution accused him of commodity fraud and manipulating the price of CEL tokens, causing customers to lose billions of dollars. Mashinsky pleaded guilty to two criminal charges in December 2023.
The memorandum noted that Mashinsky enriched himself through fraudulent actions, causing ordinary investors to lose all their savings due to his false statements. The prosecution particularly emphasized Mashinsky's "lack of remorse," indicating that he remains dangerous, and cited the 25-year sentence of FTX's former CEO SBF as a sentencing reference. The 60-year-old Mashinsky was originally scheduled to be sentenced on May 8 (Beijing time, May 9).
