Alex Mashinsky, former CEO of the now-defunct cryptocurrency lending platform Celsius, faces a potential 20-year prison sentence for alleged fraud. The U.S. Department of Justice (DOJ) has recommended this severe penalty, citing Mashinsky’s role in orchestrating fraudulent activities that resulted in multibillion-dollar losses for customers. The DOJ filed a sentencing memorandum against Mashinsky, emphasizing the significant financial impact of his actions, which left users unable to access approximately $4.7 billion in crypto assets after Celsius halted withdrawals on June 12, 2022. The document details Mashinsky’s personal gains exceeding $48 million from these schemes, while the DOJ highlights that his guilty plea demonstrates deliberate and calculated decision-making for enrichment rather than mere negligence or bad luck. The case is ongoing as authorities continue to investigate.