Celsius Founder Sentenced to 12 Years for $7 Billion Crypto Fraud

Alex Mashinsky, former CEO of Celsius Network, has been sentenced to 12 years in prison for orchestrating a multi-billion dollar fraud scheme. This landmark case marks a significant development within the cryptocurrency industry. Mashinsky was convicted of defrauding investors by falsely promising unusually high returns on cryptocurrencies while neglecting their actual performance. His sentencing comes after the collapse of Celsius Network, which left thousands of customers stranded with frozen funds and millions in losses.