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Former Celsius CEO sentenced to 12 years in prison for encryption fraud, with the judge ordering him to report to prison by September 12 at the latest.
According to ChainCatcher news and Inner City Press reports, former CEO of the crypto assets lending platform Celsius, Alex Mashinsky, has been sentenced to 12 years in prison for cryptocurrency-related fraud. The judge has ordered him to surrender to prison no later than September 12. Mashinsky (59) had previously pleaded guilty to two charges of commodity fraud and a fraudulent scheme to manipulate the price of the company’s native coin (CEL). Prosecutors stated that he orchestrated one of the largest frauds in the crypto assets industry and had suggested a 20-year prison sentence.