NEW YORK, NY — Alex Mashinsky, the founder and former CEO of bankrupt crypto lending platform Celsius Network, was sentenced to 12 years in prison on Thursday for fraud.
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Judge John Koeltl of the Southern District of New York (SDNY) handed down the sentence, saying the 12 years — composed of a 120-month sentence to be served concurrently with a separate 144-month sentence for the two charges Mashinsky pled guilty to — split the difference between the defense and prosecution’s sentencing memos.
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Before Celsius’ collapse in 2022, Mashinsky repeatedly lied to investors about the safety of their deposits. He falsely claimed that Celsius had regulatory approval, he insisted that the platform did not make uncollateralized loans when, in fact, it
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