Former crypto lending pioneer Alex Mashinsky will spend the next two decades behind bars after being accused of orchestrating a deliberate and calculated scam that led to nearly $7 billion in customer losses. The U.S. Department of Justice (DOJ) is seeking a 20-year sentence for Mashinsky, who played a key role in Celsius Network, a platform boasting over $20 billion in assets. This request comes as the company collapsed in 2022 due to risky investments, unsecured loans, and secret use of customer funds to inflate its own cryptocurrency, CEL. Mashinsky has denied any wrongdoing, blaming market crashes and government regulations for the Celsius downfall. The DOJ, however, points out that Mashinsky’s actions were a carefully planned scheme. Over 200 victims submitted personal statements detailing their devastating losses, adding weight to the DOJ’s argument for a severe punishment. The case is set to be decided by Judge John G. Koeltl on May 8th. This verdict will likely have significant implications for future crypto legal proceedings and could set a precedent for how cryptocurrency crime is handled in court.