Former Celsius CEO sentenced to 12 years in prison for crypto fraud, judge orders him to report to prison by September 12 at the latest

ChainCatcher news, according to Inner City Press, former CEO of the cryptocurrency lending platform Celsius, Alex Mashinsky, has been sentenced to 12 years in prison for cryptocurrency-related fraud. The judge has ordered him to surrender by September 12 at the latest.

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 token (CEL). Prosecutors stated that he "orchestrated one of the largest frauds in the crypto industry" and had suggested a 20-year prison sentence.