The U.S. Department of Justice Seeks to Sentence Celsius Founder Alex Mashinsky to 20 Years in Prison

BlockBeats News, April 29th, according to a CoinDesk report, Alex Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius Network, is facing the possibility of spending the next 20 years in prison—if a sentencing memo submitted by the U.S. Department of Justice is adopted by the court.

In this memo submitted later on Monday, the Justice Department urged the court to sentence him to 20 years in prison, stating that Mashinsky's crimes were "deliberate, carefully planned" fraudulent actions, resulting in nearly $7 billion in customer losses and causing financial harm to thousands of individuals.